1 00:00:03,000 --> 00:00:06,160 Speaker 1: Live from the Bloomberg Interactive Burgers Studios. This is Bloomberg 2 00:00:06,240 --> 00:00:10,560 Speaker 1: day Break for Thursday. Coming up this hour. US stocks 3 00:00:10,600 --> 00:00:12,959 Speaker 1: have their best day in two years after J. Pale 4 00:00:13,039 --> 00:00:15,840 Speaker 1: indicates a seventy five basis point hike is not in 5 00:00:15,880 --> 00:00:17,920 Speaker 1: the cards. The Bank of England is expected to raise 6 00:00:18,120 --> 00:00:21,320 Speaker 1: rates to the highest level in thirteen years, and Warren 7 00:00:21,360 --> 00:00:25,200 Speaker 1: Buffett raises his bet on one oil Giant. The majority 8 00:00:25,239 --> 00:00:28,120 Speaker 1: of New Yorker's disapprove of me or Adams handling on 9 00:00:28,320 --> 00:00:32,159 Speaker 1: Prime bless sucks every state. Anthony Blincoln test positive for COVID. 10 00:00:32,400 --> 00:00:35,880 Speaker 1: I'm Michael barn More Ahead, I'm trying Stationwark forwards. The 11 00:00:35,960 --> 00:00:38,480 Speaker 1: Yankees eleven game win streak came to Aday. The Mets 12 00:00:38,520 --> 00:00:41,040 Speaker 1: also lost the Rangers in Penguins play Game two with 13 00:00:41,120 --> 00:00:46,919 Speaker 1: the Garden Tonight. That's All's train ahead on Bloomberg Daybreak 14 00:00:47,240 --> 00:00:51,560 Speaker 1: on Bloomberg eleven, Free on New York, Bloomberg one, Washington, 15 00:00:51,680 --> 00:00:55,280 Speaker 1: d C, Bloomberg one oh six one, Boston, Bloomberg nine 16 00:00:55,360 --> 00:00:59,680 Speaker 1: sixties and Francisco Sirius XM one nineteen and around the 17 00:00:59,680 --> 00:01:03,360 Speaker 1: world on Bloomberg Radio dot Com and bother Bloomberg business 18 00:01:03,440 --> 00:01:10,160 Speaker 1: app Good Morning, I'm Nathan Hager and I'm Karen Moscow. 19 00:01:10,240 --> 00:01:13,399 Speaker 1: In US stock index futures are lower this morning. We're 20 00:01:13,440 --> 00:01:15,000 Speaker 1: coming up to six o one on Wall Street, and 21 00:01:15,040 --> 00:01:17,280 Speaker 1: we check the markets every fifteen minutes throughout the trading 22 00:01:17,360 --> 00:01:20,760 Speaker 1: day on Bloomberg with SNP futures down twenty five points down, 23 00:01:20,840 --> 00:01:23,920 Speaker 1: futures down one thirty eight, and NAS day futures down 24 00:01:23,920 --> 00:01:27,319 Speaker 1: one d seven. Ten year Treasury down four thirty seconds 25 00:01:27,360 --> 00:01:29,520 Speaker 1: yield two point nine five percent. They yield on the 26 00:01:29,600 --> 00:01:32,800 Speaker 1: two year two point six seven percent call max school 27 00:01:32,800 --> 00:01:34,760 Speaker 1: there is at one point six percent of twenty eight 28 00:01:34,760 --> 00:01:38,240 Speaker 1: dollars ninety cents at eight ninety seven seventy announced. The 29 00:01:38,319 --> 00:01:40,959 Speaker 1: euro this morning at one point oh five nine six 30 00:01:41,000 --> 00:01:45,200 Speaker 1: against the dollar, the n one nine point six seven. Nathan, well, Karen. 31 00:01:45,240 --> 00:01:47,720 Speaker 1: The pullback we're seeing in stock futures this morning follows 32 00:01:47,800 --> 00:01:51,440 Speaker 1: yesterday's fed field rally. In the news conference after the 33 00:01:51,520 --> 00:01:54,960 Speaker 1: fifty basis point rate hike from the Central Bank, Chairman 34 00:01:55,040 --> 00:01:58,640 Speaker 1: j Pal indicated another fifty, not seventy five, was on 35 00:01:58,680 --> 00:02:01,680 Speaker 1: the table for the next meeting. Seventy five basis point 36 00:02:02,040 --> 00:02:05,520 Speaker 1: uh it increases, not something the committee is actively considering, 37 00:02:05,600 --> 00:02:09,320 Speaker 1: assuming that economic and financial conditions evolve in in ways 38 00:02:09,360 --> 00:02:12,440 Speaker 1: that are consistent with our expectations. There's a broad sense 39 00:02:12,440 --> 00:02:15,080 Speaker 1: on the committee that additional fifty basis increases should be 40 00:02:15,080 --> 00:02:17,040 Speaker 1: on fifty basis point increas should be on the table 41 00:02:17,080 --> 00:02:19,120 Speaker 1: for the next couple of meetings. Like comment by fed 42 00:02:19,160 --> 00:02:21,560 Speaker 1: share pal fueled a huge rally in the market's treasury 43 00:02:21,639 --> 00:02:24,040 Speaker 1: yields dropped. Stocks rally the most in two years, with 44 00:02:24,120 --> 00:02:27,000 Speaker 1: the SMP five hundred surging three percent while the tech 45 00:02:27,000 --> 00:02:30,080 Speaker 1: heavy NASDAC grows three point two percent. Jason Brady is 46 00:02:30,120 --> 00:02:34,079 Speaker 1: CEO of Thornburg Investment Management. I actually expected seventy five 47 00:02:34,160 --> 00:02:36,200 Speaker 1: to be on the table. He took it off the table. 48 00:02:36,200 --> 00:02:39,240 Speaker 1: I think the markets were pricing in very hawkish, and 49 00:02:39,360 --> 00:02:42,160 Speaker 1: you could now hawk the market. So obviously, the reaction 50 00:02:42,200 --> 00:02:44,160 Speaker 1: markets has been that this is a little bit more dubbish. 51 00:02:44,360 --> 00:02:47,840 Speaker 1: Thornburg Investment Management CEO Jason Brady says he thinks yesterday's 52 00:02:47,919 --> 00:02:51,720 Speaker 1: rally is not sustainable. Well, reaction is still pouring into 53 00:02:51,760 --> 00:02:55,720 Speaker 1: Powell pushing back against a larger seventy five basis point increase. 54 00:02:55,840 --> 00:02:57,519 Speaker 1: Nathan and We get the very latest live with the 55 00:02:57,520 --> 00:03:01,000 Speaker 1: Bloomberg's John Tucker. John Aaron at Grant Thorpe and the 56 00:03:01,040 --> 00:03:03,440 Speaker 1: chief account of US there, Diane Schwant, says the FED 57 00:03:03,600 --> 00:03:06,359 Speaker 1: is operating in a new paradigm. The FED is now 58 00:03:06,400 --> 00:03:09,919 Speaker 1: in a position where they're focused on inflation and employment 59 00:03:10,120 --> 00:03:13,679 Speaker 1: is secondary. That is a very different equation than we've 60 00:03:13,720 --> 00:03:16,640 Speaker 1: seen the FIT in for a very very long time. 61 00:03:16,880 --> 00:03:19,959 Speaker 1: Scott Minor, the chief investment officer at Google Hives, is 62 00:03:20,000 --> 00:03:22,720 Speaker 1: going back to the nineteen thirties, the FED has never 63 00:03:22,760 --> 00:03:24,840 Speaker 1: been able to reduce inflation by more than two and 64 00:03:24,880 --> 00:03:29,560 Speaker 1: a half percentage points without inducing a recession. So even 65 00:03:29,680 --> 00:03:32,520 Speaker 1: if we don't get close to the two percent target, 66 00:03:32,880 --> 00:03:35,600 Speaker 1: it's very likely that we will have some kind of 67 00:03:35,600 --> 00:03:39,920 Speaker 1: an economic slowdown well before we get to the desired 68 00:03:39,920 --> 00:03:43,600 Speaker 1: inflation target. Scott minors these further hikes of fifty basis 69 00:03:43,640 --> 00:03:46,320 Speaker 1: points on the table for June and July. Former Philly 70 00:03:46,360 --> 00:03:49,920 Speaker 1: FED President Charles Plosser also weighing in. He says pal 71 00:03:50,200 --> 00:03:53,120 Speaker 1: was trying to appease markets and should not have taken 72 00:03:53,120 --> 00:03:55,960 Speaker 1: a seventy five basis point hike off the table Live 73 00:03:56,000 --> 00:03:59,120 Speaker 1: in New York on John Tucker Bloomberg Daybreak. All right, John, thanks, 74 00:03:59,120 --> 00:04:01,640 Speaker 1: Now we're waiting for another are important policy decision this 75 00:04:01,720 --> 00:04:04,360 Speaker 1: morning in Europe. Let's get the very latest onn that 76 00:04:04,400 --> 00:04:07,880 Speaker 1: lie from Bloomberg's Max Ramsey. Good morning, Max, Morning to you, 77 00:04:08,000 --> 00:04:10,320 Speaker 1: Nathan and Karen. Less than an hour ago until the 78 00:04:10,400 --> 00:04:13,040 Speaker 1: rate decision from the Bank of England market for pricing 79 00:04:13,040 --> 00:04:15,640 Speaker 1: in a fourth back to back hike. This would take 80 00:04:15,640 --> 00:04:18,480 Speaker 1: the benchmark policy rate to one percent. That's the highest 81 00:04:18,600 --> 00:04:21,479 Speaker 1: since two thousand and nine. But also very much in 82 00:04:21,560 --> 00:04:24,599 Speaker 1: focus any details of how the BOE intends to unwind 83 00:04:24,640 --> 00:04:27,839 Speaker 1: more than a decade of bond purchases. Live in London, 84 00:04:27,880 --> 00:04:30,200 Speaker 1: Max Ramsey, bloom Back day break right, Max, thank you. 85 00:04:30,240 --> 00:04:33,120 Speaker 1: There's also an Opaque meeting today. OPEC and his allies 86 00:04:33,120 --> 00:04:35,960 Speaker 1: are expected to ratify another small increase in oil production. 87 00:04:36,040 --> 00:04:38,719 Speaker 1: Their meeting comes just one day after the EU announced 88 00:04:38,800 --> 00:04:41,640 Speaker 1: is planned for a phased ban on Russian crude and 89 00:04:41,720 --> 00:04:44,760 Speaker 1: checking prices. Right now, Nimex crude oil is higher up 90 00:04:44,760 --> 00:04:46,760 Speaker 1: to tens of upper cent or sixty and cents at 91 00:04:46,760 --> 00:04:49,520 Speaker 1: a hundred seven dollars ninety eight cents of barrel Brent 92 00:04:49,680 --> 00:04:51,839 Speaker 1: is at four tenths percent at a hundred ten dollars 93 00:04:51,839 --> 00:04:54,920 Speaker 1: sixty one cents. The oil prices at historic heis Karen 94 00:04:54,960 --> 00:04:58,320 Speaker 1: ev Lawmakers pointing to anti trust laws at OPEC, A 95 00:04:58,440 --> 00:05:02,040 Speaker 1: key Senate committees expected to approved legislation that would allow 96 00:05:02,080 --> 00:05:05,800 Speaker 1: the US to sue the cartel for manipulating energy markets. 97 00:05:06,080 --> 00:05:08,480 Speaker 1: This vote by the Senate Judiciary Committee today would pave 98 00:05:08,560 --> 00:05:11,120 Speaker 1: the way for full Senate consideration. Now, staying in the 99 00:05:11,120 --> 00:05:13,720 Speaker 1: oil passion, Nathan, we're in Buffet is increasing his bat 100 00:05:13,760 --> 00:05:15,960 Speaker 1: on one big energy company, and we get the Ladish 101 00:05:16,040 --> 00:05:18,440 Speaker 1: line from Bloomberg's renied a Young, good morning, Ready down, 102 00:05:18,480 --> 00:05:21,360 Speaker 1: good morning. Karen Berkshire half Away had already built up 103 00:05:21,360 --> 00:05:25,440 Speaker 1: a roughly fourteen point six percent holding of Occidental Petroleum's 104 00:05:25,480 --> 00:05:28,719 Speaker 1: common stock. Now Buffett is snapping up about five point 105 00:05:28,839 --> 00:05:31,920 Speaker 1: nine million more shares of the oil giant. Of filing 106 00:05:31,960 --> 00:05:34,960 Speaker 1: shows the shares were bought this week at prices ranging 107 00:05:34,960 --> 00:05:37,440 Speaker 1: from about fifty six to fifty eight dollars of peace, 108 00:05:37,720 --> 00:05:41,080 Speaker 1: and right now it's trading close to sixty two dollars 109 00:05:41,120 --> 00:05:44,039 Speaker 1: this morning. Accidental was the best performing stock in the 110 00:05:44,160 --> 00:05:47,000 Speaker 1: SMP five during the first quarter, and it's seen it 111 00:05:47,080 --> 00:05:51,440 Speaker 1: shares benefit from Buffett's purchases and higher oil prices driven 112 00:05:51,480 --> 00:05:54,480 Speaker 1: by the war in Ukraine. Live in New York. I'm 113 00:05:54,520 --> 00:05:57,279 Speaker 1: renned a young Bloomberg daybreak. All right, Renia, thanks, Let's 114 00:05:57,279 --> 00:05:59,240 Speaker 1: turn to what's happening on the ground in Ukraine. Now, 115 00:05:59,320 --> 00:06:02,480 Speaker 1: civilian of avacuations continue out of the war ravaged city 116 00:06:02,480 --> 00:06:08,440 Speaker 1: of Maryu Poul. In his latest video address, President Vladimir's 117 00:06:08,480 --> 00:06:11,040 Speaker 1: Lensky says three forty four people have gotten out, even 118 00:06:11,080 --> 00:06:14,000 Speaker 1: as heavy fighting continues at a steel plant in the city. 119 00:06:14,240 --> 00:06:17,279 Speaker 1: The Pentagon says Russia is getting bogged down in eastern 120 00:06:17,320 --> 00:06:20,640 Speaker 1: and southern Ukraine. And Sweden's Foreign minister met with Secretary 121 00:06:20,680 --> 00:06:22,760 Speaker 1: of State Antony Blink and she says the US is 122 00:06:22,800 --> 00:06:26,280 Speaker 1: offering security assurances to Sweden and Finland as they apply 123 00:06:26,360 --> 00:06:29,000 Speaker 1: to join NATO. Well, the other big political story we 124 00:06:29,000 --> 00:06:31,719 Speaker 1: continue to follow Nathan is abortion rights. The head of 125 00:06:31,720 --> 00:06:34,720 Speaker 1: the CDC, Dr Rochelle Wilenski is weighing in and she 126 00:06:34,800 --> 00:06:37,240 Speaker 1: warns the more deaths if the link Supreme Court rolling 127 00:06:37,240 --> 00:06:40,120 Speaker 1: on Roe v. Wade stands. Plumbar said Baxter has more. 128 00:06:40,560 --> 00:06:42,960 Speaker 1: Dr Wolenski says she fears that there could be an 129 00:06:42,960 --> 00:06:47,000 Speaker 1: atmosphere where there's much less medical supervision for people taking 130 00:06:47,040 --> 00:06:49,520 Speaker 1: things into their own hands, and she says it will 131 00:06:49,560 --> 00:06:53,080 Speaker 1: lead to unequal access to the procedure because people with 132 00:06:53,240 --> 00:06:55,880 Speaker 1: less funds will not be able to cross state lines. 133 00:06:56,000 --> 00:06:59,560 Speaker 1: Tied to that, abortion rights groups took over twelve million 134 00:06:59,640 --> 00:07:03,080 Speaker 1: dollars over the twenty four hours following the leak of 135 00:07:03,080 --> 00:07:06,800 Speaker 1: the initial roev Wade decision draft, and Planned Parenthood says 136 00:07:06,839 --> 00:07:10,680 Speaker 1: it saw a six hundred fifty percent increase in online actions. 137 00:07:10,920 --> 00:07:14,160 Speaker 1: In San Francisco, I'm at Baxter Bloomberg, Gay break alright 138 00:07:14,320 --> 00:07:17,320 Speaker 1: ed thanks as futures move lawer. We check your local headlines. 139 00:07:17,400 --> 00:07:23,960 Speaker 1: Next plus sports. This is Bloomberg at six o seven 140 00:07:23,960 --> 00:07:26,080 Speaker 1: on Wall Street where fifty eight degrees in Central Park. 141 00:07:26,160 --> 00:07:28,880 Speaker 1: Still dealing with that accident Old Country Road in West 142 00:07:29,000 --> 00:07:32,800 Speaker 1: Very a tractor trailer involved. Detailers coming up in traffic. 143 00:07:32,840 --> 00:07:34,600 Speaker 1: First Michael Barr with more on what's going on in 144 00:07:34,600 --> 00:07:37,040 Speaker 1: New York and around the world. Michael, thank you very much. Nathan. 145 00:07:37,080 --> 00:07:39,880 Speaker 1: A majority of New Yorkers say they disapprove of Mayor 146 00:07:40,000 --> 00:07:42,960 Speaker 1: Eric adams handling of crime in the Five Boroughs, a 147 00:07:43,040 --> 00:07:46,240 Speaker 1: reversal from three months ago. According to a new Quinnipiac 148 00:07:46,400 --> 00:07:50,760 Speaker 1: University poll, owning approve of Adam's handling of crime well 149 00:07:50,880 --> 00:07:56,280 Speaker 1: fifty four percent disapprove. In February approved of Adam's performance 150 00:07:56,320 --> 00:07:59,200 Speaker 1: on crime. The news comes as two men were shot 151 00:07:59,280 --> 00:08:02,680 Speaker 1: and killed in Intown Manhattan Overninth Police is searching for 152 00:08:02,720 --> 00:08:07,320 Speaker 1: three suspects for the shooting at thirty seven and ninth Avenue. Meanwhile, 153 00:08:07,400 --> 00:08:10,120 Speaker 1: Mayor Adams is urging New Yorkers to trade the pajamas 154 00:08:10,160 --> 00:08:14,200 Speaker 1: for lunch near their workplaces. Adams says that's the way 155 00:08:14,320 --> 00:08:18,880 Speaker 1: metropolitan economies functioned properly. He spoke during a panel discussion 156 00:08:18,920 --> 00:08:22,560 Speaker 1: at the Milken Institute Global Conference in Beverly Hills, California. 157 00:08:22,920 --> 00:08:26,320 Speaker 1: State Department spokesman Ned Price says Secretary of State Anthony 158 00:08:26,360 --> 00:08:31,160 Speaker 1: Blincoln is quarantining. Secretary Blincoln has tested positive for COVID. 159 00:08:31,480 --> 00:08:34,960 Speaker 1: The good news is that he is fully vaccinated, he 160 00:08:35,160 --> 00:08:40,360 Speaker 1: is boosted. He is experiencing only mild symptoms. Spokesman Ned 161 00:08:40,400 --> 00:08:43,199 Speaker 1: Price says Blincoln will work from home in the coming days. 162 00:08:43,440 --> 00:08:46,600 Speaker 1: Blincoln had to postpone a key China policy speech that 163 00:08:46,679 --> 00:08:49,760 Speaker 1: had been scheduled for today. He attended the White House 164 00:08:49,800 --> 00:08:53,720 Speaker 1: Correspondents Association dinner on Saturday. No word yet on who 165 00:08:53,800 --> 00:08:57,120 Speaker 1: leaked the Supreme Court draft opinion on abortion rights. Chief 166 00:08:57,200 --> 00:09:01,160 Speaker 1: Justice John Roberts has called for an internal investor gaistion. Meanwhile, 167 00:09:01,200 --> 00:09:04,480 Speaker 1: President Biden is not mincing words about a draft document 168 00:09:04,840 --> 00:09:08,400 Speaker 1: with the majority voting to overturn Roe V. Wade. What 169 00:09:08,480 --> 00:09:10,560 Speaker 1: are the next things that are going to be attacked? 170 00:09:11,240 --> 00:09:14,800 Speaker 1: Because this MAGA crowd is really the most extreme political 171 00:09:15,280 --> 00:09:19,880 Speaker 1: organization that's existed in American history, in recent American history. 172 00:09:20,280 --> 00:09:23,120 Speaker 1: The President spoke to reporters at an event on the 173 00:09:23,160 --> 00:09:26,760 Speaker 1: economy and the deficit. We're learning Donald Trump Jr. Was 174 00:09:26,800 --> 00:09:29,960 Speaker 1: interviewed as part of a House Select Committee's investigation of 175 00:09:30,080 --> 00:09:33,040 Speaker 1: last year's ryan at the US Capital. He is the 176 00:09:33,120 --> 00:09:36,480 Speaker 1: latest member of former President Trump's family to be questioned. 177 00:09:36,760 --> 00:09:39,320 Speaker 1: A person familiar with the matters says the private virtual 178 00:09:39,360 --> 00:09:43,520 Speaker 1: session lasted between two and three hours. Global News twenty 179 00:09:43,559 --> 00:09:46,319 Speaker 1: four hours a day on air and on Bloomberg quick Take, 180 00:09:46,360 --> 00:09:49,480 Speaker 1: powered by more than twenty seven hundred journalists and analysts 181 00:09:49,520 --> 00:09:52,240 Speaker 1: more than a hundred twenty countries. Michael Barr and this 182 00:09:52,320 --> 00:09:59,600 Speaker 1: is Bloomberg, Nathan, Thanks Michael six o nine on Wall 183 00:09:59,600 --> 00:10:02,320 Speaker 1: Streets on Stash hours here at the Bloomberg Sports update. 184 00:10:02,440 --> 00:10:05,360 Speaker 1: All right, anthan the Yankees first loss since April one 185 00:10:05,559 --> 00:10:08,120 Speaker 1: in Toronto. They had an early home run from Joey Gallo. 186 00:10:08,240 --> 00:10:11,160 Speaker 1: Nothing after that. The eleven game winning streak ended two 187 00:10:11,200 --> 00:10:13,640 Speaker 1: to one. Esther Cortes gave up a Matt Chapman home run, 188 00:10:13,679 --> 00:10:16,320 Speaker 1: he took his first loss. Michael King and Clay Holmes 189 00:10:16,360 --> 00:10:19,240 Speaker 1: followed Cortes through four hit listenings of relief. Both those 190 00:10:19,280 --> 00:10:22,400 Speaker 1: guys have e r a s under one day off today. 191 00:10:22,440 --> 00:10:25,479 Speaker 1: Yanks back home tomorrow to play Texas Mets. Tonight in Philadelphia. 192 00:10:25,480 --> 00:10:28,439 Speaker 1: They lost to Atlanta nine to two, scoreless game going 193 00:10:28,480 --> 00:10:31,079 Speaker 1: to the sixth inning when the Braves erupted for seven runs. 194 00:10:31,120 --> 00:10:33,920 Speaker 1: Tyler McGill, his first start since he got the win 195 00:10:33,960 --> 00:10:36,120 Speaker 1: and the Mets no hitter suffered his first loss, so 196 00:10:36,559 --> 00:10:38,679 Speaker 1: they split the four game series, the first series this 197 00:10:38,800 --> 00:10:41,760 Speaker 1: season the Mets of failed to win NBA playoffs. Miami 198 00:10:41,760 --> 00:10:44,040 Speaker 1: and Phoenix are the top seeds and they both wanted 199 00:10:44,080 --> 00:10:46,320 Speaker 1: home and both leave their series too nothing. Stanley Cup 200 00:10:46,320 --> 00:10:49,200 Speaker 1: Playoffs three series are not tied at one. After wins 201 00:10:49,200 --> 00:10:53,160 Speaker 1: by Tampa Bay, Minnesota and Edmonton. Carolina again beat Boston. 202 00:10:53,200 --> 00:10:56,000 Speaker 1: The Hurricanes up to ZIP two nights after the first 203 00:10:56,040 --> 00:10:59,120 Speaker 1: triple overtime game played at Madison Square Garden in fifty 204 00:10:59,160 --> 00:11:02,040 Speaker 1: one years Andrews and Penguins. We'll be back at it 205 00:11:02,080 --> 00:11:04,560 Speaker 1: tonight for Game two, Rangers coach Gerard gout And asked 206 00:11:04,559 --> 00:11:07,679 Speaker 1: about losing a Game one heartbreaker. It would be heard 207 00:11:07,800 --> 00:11:11,760 Speaker 1: if we were playing Colorado, who's talking the best game 208 00:11:11,760 --> 00:11:14,200 Speaker 1: in the league, and you lose five. Nothing like games 209 00:11:14,200 --> 00:11:16,240 Speaker 1: like that where you know you're saying to your team, 210 00:11:16,280 --> 00:11:17,640 Speaker 1: how are we going to get back from this? We 211 00:11:17,720 --> 00:11:20,160 Speaker 1: play that, we're playing a very good team who I 212 00:11:20,200 --> 00:11:22,120 Speaker 1: think anybody can win this series. Of better team is 213 00:11:22,160 --> 00:11:23,439 Speaker 1: going to win this series, and it's going to be 214 00:11:23,480 --> 00:11:25,880 Speaker 1: a battle. So you know what, it's one game, you 215 00:11:25,920 --> 00:11:28,160 Speaker 1: get over and you move on. It appears the Pittsburgh 216 00:11:28,160 --> 00:11:30,520 Speaker 1: goalie tonight will being Louis domin game, who has never 217 00:11:30,520 --> 00:11:32,720 Speaker 1: started a playoff game before. He came off the bench 218 00:11:32,760 --> 00:11:35,320 Speaker 1: the other night when the starter Casey to Smith got hurt. 219 00:11:35,600 --> 00:11:38,360 Speaker 1: John Stash they were Bloomberg Sports Nick all right, John, 220 00:11:38,400 --> 00:11:41,640 Speaker 1: thanks right now. SMP futures are lower by twenty two points. 221 00:11:41,720 --> 00:11:45,199 Speaker 1: Down futures down a hundred eighteen. NASTAC future is lower 222 00:11:45,280 --> 00:11:49,160 Speaker 1: by nine three points. Some pullback for equity futures after 223 00:11:49,240 --> 00:11:53,520 Speaker 1: the FED fueld rally sparked by Chairman Powell taking seventy 224 00:11:53,520 --> 00:11:56,960 Speaker 1: five basis points off the table for now. More on 225 00:11:57,040 --> 00:12:00,040 Speaker 1: the Fed decision coming up with Bloomberg Economics course on 226 00:12:00,160 --> 00:12:07,920 Speaker 1: at Michael McKee, still in Washington. This is Bloomberg Bloomberg 227 00:12:07,960 --> 00:12:10,560 Speaker 1: eleven three oh weather, sunshine and low seventies today, some 228 00:12:10,600 --> 00:12:14,280 Speaker 1: scattered showers possible tomorrow. Low sixties will start the weekend 229 00:12:14,280 --> 00:12:18,120 Speaker 1: with the breezy behind the mid fifties currently fifties seven 230 00:12:18,120 --> 00:12:24,640 Speaker 1: degrees in Central Park. Markets. Headlines and breaking news twenty 231 00:12:24,640 --> 00:12:27,440 Speaker 1: four hours a day at Bloomberg dot Com, the Bloomberg 232 00:12:27,520 --> 00:12:31,079 Speaker 1: Business Out and at Bloomberg Quick Tape, She's a Bloomberg 233 00:12:31,160 --> 00:12:40,000 Speaker 1: business flash and I'm Cameron Moscow and US dot index 234 00:12:40,040 --> 00:12:42,439 Speaker 1: futures are signaling a pause following me U S and 235 00:12:42,520 --> 00:12:46,840 Speaker 1: P five hundreds biggest daily advances twenty after jaround Powell 236 00:12:46,880 --> 00:12:49,200 Speaker 1: East fears at the Federal embark on a more aggressive 237 00:12:49,240 --> 00:12:52,240 Speaker 1: pace of tightening. European shares are moving higher, and we 238 00:12:52,320 --> 00:12:54,760 Speaker 1: checked the markets every fifteen minutes throughout the trading day. 239 00:12:55,080 --> 00:12:57,360 Speaker 1: On Bloomberg Guess and P future is down twenty three 240 00:12:57,360 --> 00:13:00,439 Speaker 1: points this morning. Death futures down a hundred five downsday 241 00:13:00,520 --> 00:13:03,240 Speaker 1: features down nineties seven. The decks in Germany's up one 242 00:13:03,240 --> 00:13:06,319 Speaker 1: point four percent. Pen your treasury down four thirty seconds, 243 00:13:06,360 --> 00:13:08,400 Speaker 1: he'll two point nine five percent. They yield on a 244 00:13:08,440 --> 00:13:11,640 Speaker 1: two year two point six seven percent. Ninemex screwed oil 245 00:13:11,840 --> 00:13:13,880 Speaker 1: is up six tents percent or sixty six cents at 246 00:13:13,880 --> 00:13:16,400 Speaker 1: a hundred eight dollars, forty six cents of barrel, comic 247 00:13:16,440 --> 00:13:18,760 Speaker 1: school at one point six percent of thirty dollars, ten 248 00:13:18,800 --> 00:13:21,800 Speaker 1: cents at eight ninety eight ninety announce the euro one 249 00:13:21,800 --> 00:13:24,120 Speaker 1: point oh six oh two against the dollar, British pound 250 00:13:24,120 --> 00:13:26,760 Speaker 1: one point five six eight the end at one nine 251 00:13:26,800 --> 00:13:30,360 Speaker 1: point six four and checking bitcoin this morning, it's lower, 252 00:13:30,400 --> 00:13:33,080 Speaker 1: down eight ten percent at thirty nine thousand, four hundred 253 00:13:33,200 --> 00:13:36,320 Speaker 1: seventy dollars. That's a bloomberg business flash. Now here's Muchael 254 00:13:36,320 --> 00:13:38,400 Speaker 1: Barr with more on what's going on around the world. 255 00:13:38,520 --> 00:13:42,360 Speaker 1: Muchel very in Ukrainian forces say they repelled Russian attacks 256 00:13:42,400 --> 00:13:45,400 Speaker 1: in the east and captured some territory. It comes as 257 00:13:45,440 --> 00:13:48,840 Speaker 1: Moscow moved to obstruct the flow of Western weapons to 258 00:13:49,120 --> 00:13:53,440 Speaker 1: Ukraine by bombarding rail stations and other supplying line targets 259 00:13:53,440 --> 00:13:56,800 Speaker 1: across the country coast to Coast protests continue after the 260 00:13:56,840 --> 00:14:00,120 Speaker 1: release of a Supreme Court draft opinion that eludes to 261 00:14:00,200 --> 00:14:04,000 Speaker 1: a reversal on Roe v. Wade. Fencing has gone up 262 00:14:04,000 --> 00:14:07,239 Speaker 1: in front of the U S Supreme Court Complex. In baseball, 263 00:14:07,320 --> 00:14:10,640 Speaker 1: the Yankees, Mets, Red Sox, Nationals, A's, and Giants all 264 00:14:10,840 --> 00:14:14,440 Speaker 1: lost the Orioles one in the NHL Playoffs. The Rangers 265 00:14:14,440 --> 00:14:16,920 Speaker 1: play Game two of their series against the Penguins tonight. 266 00:14:17,160 --> 00:14:20,160 Speaker 1: The Bruins lost to the Hurricanes. Global News twenty four 267 00:14:20,200 --> 00:14:22,680 Speaker 1: hours a day on air and on Bloomberg Quick to Take, 268 00:14:22,720 --> 00:14:25,320 Speaker 1: powered by more than twenty seven hundred journalists and analysts 269 00:14:25,520 --> 00:14:28,200 Speaker 1: in more than a hundred twenty countries. Michael Barr and 270 00:14:28,280 --> 00:14:31,400 Speaker 1: this is Bloomberg. Nathan Alright, Michael, Thanks at six nineteen 271 00:14:31,400 --> 00:14:34,440 Speaker 1: on Wall Street Live from the Bloomberg Interactive Broker Studios. 272 00:14:34,520 --> 00:14:39,360 Speaker 1: This is Bloomberg Daybreak. Seventy basis point uh and it 273 00:14:39,400 --> 00:14:42,760 Speaker 1: increases not something the committee is actively considering, assuming that 274 00:14:42,800 --> 00:14:46,200 Speaker 1: economic and financial conditions evolve in in ways that are 275 00:14:46,200 --> 00:14:49,240 Speaker 1: consistent with our expectations. There's a broad sense on the 276 00:14:49,240 --> 00:14:52,320 Speaker 1: Committee that additional fifty basis increases should be on fifty 277 00:14:52,320 --> 00:14:54,040 Speaker 1: basis points should be on the table for the next 278 00:14:54,080 --> 00:14:57,440 Speaker 1: couple of weeks. That was FED Chairman Jerome Powell delivering 279 00:14:57,480 --> 00:15:01,600 Speaker 1: what markets were expecting in term of interest rate hikes 280 00:15:01,800 --> 00:15:05,680 Speaker 1: coming this month and potentially down the road, sparking a 281 00:15:05,800 --> 00:15:09,760 Speaker 1: rally by taking seventy five basis points off the table. 282 00:15:10,040 --> 00:15:13,320 Speaker 1: Bloomberg Economics correspondent Michael McKee is back with us this 283 00:15:13,360 --> 00:15:17,600 Speaker 1: morning from our Bloomberg studios in Washington, d C. This 284 00:15:17,680 --> 00:15:23,080 Speaker 1: morning after a very consequential FED news conference. My good morning. 285 00:15:23,120 --> 00:15:25,840 Speaker 1: I guess my question is is the FED fighting inflation 286 00:15:25,880 --> 00:15:27,600 Speaker 1: at this point or is the FED fighting the market? 287 00:15:29,000 --> 00:15:32,240 Speaker 1: The Fed is fighting inflation, and that is something the 288 00:15:32,280 --> 00:15:35,960 Speaker 1: market is trying to digest. Actually, the Fed has been 289 00:15:36,000 --> 00:15:39,760 Speaker 1: sort of pushing the markets higher. What I say markets, 290 00:15:39,800 --> 00:15:42,480 Speaker 1: I mean the bondod market in terms of yield. Uh. 291 00:15:42,560 --> 00:15:46,280 Speaker 1: They've been pushing that higher, and uh that is kind 292 00:15:46,280 --> 00:15:49,200 Speaker 1: of helped them in the sense that it tightens financial 293 00:15:49,240 --> 00:15:53,000 Speaker 1: conditions more than just their rate rises. They're sort of 294 00:15:53,040 --> 00:15:56,840 Speaker 1: front running themselves here, and if the market got a 295 00:15:56,840 --> 00:16:00,280 Speaker 1: little ahead of itself with some idea of seventy bases points, 296 00:16:00,280 --> 00:16:03,560 Speaker 1: were kind of back to reality now and we are 297 00:16:03,560 --> 00:16:07,640 Speaker 1: going to see rates continue to rise, and that will 298 00:16:08,040 --> 00:16:11,520 Speaker 1: uh slow the economy at some point? Well, it's slow inflation. 299 00:16:12,320 --> 00:16:14,240 Speaker 1: I guess that's the other big question. Yeah, that was 300 00:16:14,280 --> 00:16:16,400 Speaker 1: the point that j. Powell is making. This isn't easy 301 00:16:16,480 --> 00:16:18,560 Speaker 1: because much of the inflation that we see is on 302 00:16:18,600 --> 00:16:20,400 Speaker 1: the supply side, and what the Fed can do is 303 00:16:20,440 --> 00:16:25,840 Speaker 1: affect demand. But if they can affect demand enough, uh, 304 00:16:25,880 --> 00:16:29,680 Speaker 1: they would bring demand down to supply uh. And so 305 00:16:29,840 --> 00:16:33,680 Speaker 1: at that point you would uh get rid of inflation. 306 00:16:33,840 --> 00:16:36,800 Speaker 1: But that might mean we have to go way down 307 00:16:36,840 --> 00:16:40,080 Speaker 1: in growth, possibly even into a recession. Paul doesn't think so, 308 00:16:40,600 --> 00:16:44,600 Speaker 1: but many analysts do. Where or at least, do we 309 00:16:44,720 --> 00:16:48,000 Speaker 1: have a better sense of where the Fed is aiming 310 00:16:48,120 --> 00:16:50,800 Speaker 1: in terms of the inflation rate? Did we get a 311 00:16:50,840 --> 00:16:54,520 Speaker 1: better indication of that from Chairman Powell on what based 312 00:16:54,520 --> 00:16:57,120 Speaker 1: on what he had to say yesterday, Well, he did 313 00:16:57,240 --> 00:17:00,320 Speaker 1: assert they're still trying to reach their target of two said, 314 00:17:00,440 --> 00:17:02,920 Speaker 1: but he didn't put a time frame on it. He 315 00:17:03,000 --> 00:17:06,520 Speaker 1: did suggest they think they can get to neutral, the 316 00:17:06,600 --> 00:17:11,080 Speaker 1: rate at which they're neither stimulating or holding back the economy, 317 00:17:11,240 --> 00:17:13,080 Speaker 1: by the end of the year, but he also said 318 00:17:13,080 --> 00:17:17,000 Speaker 1: he didn't know exactly what neutral rate is, maybe around 319 00:17:17,040 --> 00:17:20,639 Speaker 1: two and a half. So we could have significantly higher 320 00:17:20,640 --> 00:17:22,639 Speaker 1: interest rates than we've had over the last three or 321 00:17:22,640 --> 00:17:25,840 Speaker 1: four years, but not high by historical standards, and what 322 00:17:25,920 --> 00:17:28,520 Speaker 1: effect that has on the overall economy is gonna be 323 00:17:28,560 --> 00:17:31,280 Speaker 1: hard to predict. How important, Mike was it for the 324 00:17:31,280 --> 00:17:34,040 Speaker 1: FED to have unanimity in this decision. It was a 325 00:17:34,160 --> 00:17:37,520 Speaker 1: unanimous decision to go for fifty basis points this time around, 326 00:17:37,520 --> 00:17:42,200 Speaker 1: even after St. Louis President Bullard at least floated the 327 00:17:42,240 --> 00:17:45,879 Speaker 1: possibility before this meeting of seventy five. Well, you know, 328 00:17:45,960 --> 00:17:48,280 Speaker 1: he was asked about seventy five and he said, Wow, 329 00:17:48,280 --> 00:17:50,840 Speaker 1: it's not my base case, but I could. I wouldn't 330 00:17:50,880 --> 00:17:53,520 Speaker 1: rule it out. And then that became a thing on 331 00:17:53,640 --> 00:17:56,680 Speaker 1: Wall Street, is Bullard calling for seventy five, but when 332 00:17:56,720 --> 00:17:59,160 Speaker 1: he didn't really call for seventy five. So I think 333 00:17:59,200 --> 00:18:02,960 Speaker 1: the FED was never really in danger of being disunited 334 00:18:03,000 --> 00:18:06,440 Speaker 1: and on this issue, but Wall Street was sort of 335 00:18:07,000 --> 00:18:10,439 Speaker 1: hedging its bets and just in case. You could make 336 00:18:10,480 --> 00:18:12,879 Speaker 1: an argument that if you're going to go up to 337 00:18:12,920 --> 00:18:14,359 Speaker 1: two and a half percent, you might as well do 338 00:18:14,400 --> 00:18:16,280 Speaker 1: it as quickly as possible. But the FED seems to 339 00:18:16,359 --> 00:18:18,320 Speaker 1: think that is too much of a risk to the 340 00:18:18,359 --> 00:18:21,199 Speaker 1: markets in the economy because it would surprise them and 341 00:18:21,280 --> 00:18:24,359 Speaker 1: raise questions about how worried the FED might be about 342 00:18:24,440 --> 00:18:27,760 Speaker 1: inflation in the future. Yeah, it did seem as though 343 00:18:27,800 --> 00:18:31,959 Speaker 1: the market took the Chairman's words about seventy five at 344 00:18:32,000 --> 00:18:35,680 Speaker 1: least not actively considering it at this point as off 345 00:18:35,760 --> 00:18:38,640 Speaker 1: the table. But do we have some kind of an idea, Mike, 346 00:18:38,920 --> 00:18:41,560 Speaker 1: of what would need to take place in the economy 347 00:18:41,640 --> 00:18:46,679 Speaker 1: or market conditions for the FED too actively consider seventy 348 00:18:47,560 --> 00:18:49,960 Speaker 1: You'd probably have to see a really big rise in 349 00:18:50,080 --> 00:18:53,840 Speaker 1: core inflation. The FED knows that we're seeing a lot 350 00:18:53,880 --> 00:18:58,280 Speaker 1: of headline inflation generated by food problems and oil prices, 351 00:18:58,280 --> 00:19:01,679 Speaker 1: and oil prices likely to go up again if Europe 352 00:19:01,720 --> 00:19:05,639 Speaker 1: follows through an embargoes Russian oil, so they can't do 353 00:19:05,640 --> 00:19:08,760 Speaker 1: anything about that. But core prices if they start to 354 00:19:09,560 --> 00:19:13,480 Speaker 1: rise considerably, and pressure in the core has been lower 355 00:19:13,520 --> 00:19:15,919 Speaker 1: than on the headline, so if that turns around and 356 00:19:15,920 --> 00:19:18,360 Speaker 1: they rise considerably, then the FED might get worried enough 357 00:19:18,400 --> 00:19:21,600 Speaker 1: to do something. All right, Michael McKee as always great 358 00:19:21,600 --> 00:19:24,160 Speaker 1: getting your thoughts, especially the morning after a FED day. 359 00:19:24,200 --> 00:19:28,800 Speaker 1: Michael McKee, Bloomberg Economics correspondent with us from our studios 360 00:19:28,920 --> 00:19:32,320 Speaker 1: in Washington d C. As we look at a bit 361 00:19:32,320 --> 00:19:35,119 Speaker 1: of pullback for futures after the rally, we have SMP 362 00:19:35,280 --> 00:19:38,800 Speaker 1: futures down twenty one points. Now futures are down a 363 00:19:38,880 --> 00:19:42,520 Speaker 1: hundred nineteen and NAZDAC futures are lower by eighty eight 364 00:19:42,560 --> 00:19:46,520 Speaker 1: points ten. Your treasury yield two point nine. Watching this 365 00:19:46,640 --> 00:19:50,680 Speaker 1: red headline cross the Bloomberg terminal, Elon Musk has received 366 00:19:50,720 --> 00:19:54,920 Speaker 1: additional equity commitment letters for his deal to buy Twitter. 367 00:19:55,240 --> 00:19:57,960 Speaker 1: You know much more on that straight ahead as Bloomberg 368 00:19:58,119 --> 00:20:08,760 Speaker 1: Daybreak continues. This is Bloomberg and Bloomberg Daybreak is brought 369 00:20:08,800 --> 00:20:10,760 Speaker 1: to you by the Jewish Communal Fund. J c f's 370 00:20:10,800 --> 00:20:13,520 Speaker 1: donor advised fund is the smart choice to manage your philanthropy, 371 00:20:13,640 --> 00:20:17,040 Speaker 1: especially in times of crisis. Make your giving impactful. Visit 372 00:20:17,160 --> 00:20:23,640 Speaker 1: j c F n Y dot org. Broadcasting wide from 373 00:20:23,640 --> 00:20:27,800 Speaker 1: the Bloomberg Interactive Broker Studio in New York, Bloomberg Looking 374 00:20:27,840 --> 00:20:32,199 Speaker 1: Free to Washington, d C, Bloomberg one to Boston, Bloomberg 375 00:20:32,280 --> 00:20:35,280 Speaker 1: one O six one to San Francisco, Bloomberg nine six 376 00:20:35,560 --> 00:20:38,160 Speaker 1: to the country, Sirius XM to A one nine team, 377 00:20:38,280 --> 00:20:41,800 Speaker 1: and around the globe. The Bloomberg Business and Bloomberg Radio 378 00:20:41,920 --> 00:20:51,040 Speaker 1: dot com. This is Bloomberg Daybreak six thirty on Wall Street. 379 00:20:51,080 --> 00:20:53,840 Speaker 1: Good morning. I'm Nathan Hager and I'm Karen Moscow. We 380 00:20:53,880 --> 00:20:56,000 Speaker 1: are just about three hours away from the open of 381 00:20:56,080 --> 00:20:58,159 Speaker 1: US trading. Time for the five things you need to 382 00:20:58,160 --> 00:21:01,359 Speaker 1: notice start your day. Brought to you by Interactive Brokers. 383 00:21:01,600 --> 00:21:05,280 Speaker 1: Investment advisers switched to Interactive Brokers for lowest cost global 384 00:21:05,320 --> 00:21:08,720 Speaker 1: training and turnkey custody solutions, no ticket charges and no 385 00:21:08,800 --> 00:21:11,800 Speaker 1: complex of your interests at ibk R dot com slash 386 00:21:12,000 --> 00:21:14,920 Speaker 1: r I A up. First, we're seeing a slight pullback 387 00:21:14,960 --> 00:21:17,760 Speaker 1: in futures this morning after yesterday's rally that followed a 388 00:21:17,800 --> 00:21:21,480 Speaker 1: press conference from Federal Reserve Chair J Powell. Powell indicated 389 00:21:21,480 --> 00:21:24,400 Speaker 1: a seventy five basis point hike was not being considered 390 00:21:24,400 --> 00:21:27,040 Speaker 1: for meetings in June and said he's committed to bringing 391 00:21:27,080 --> 00:21:31,600 Speaker 1: down inflation. Inflation is much too high, and we understand 392 00:21:31,640 --> 00:21:35,000 Speaker 1: the hardship it is causing, and we're moving expeditiously to 393 00:21:35,000 --> 00:21:38,040 Speaker 1: bring it back down. We have both the tools we 394 00:21:38,080 --> 00:21:40,280 Speaker 1: need and the resolve that it will take to restore 395 00:21:40,320 --> 00:21:43,560 Speaker 1: price stability on behalf of American families and businesses, and 396 00:21:43,640 --> 00:21:46,119 Speaker 1: Chair J. Powell's comments came as the Fed hiked interest 397 00:21:46,200 --> 00:21:49,160 Speaker 1: rates fifty basis points, and we're still watching reaction pour 398 00:21:49,240 --> 00:21:51,679 Speaker 1: in Karen from many different quarters. More on that in 399 00:21:51,720 --> 00:21:54,399 Speaker 1: this live report from bloom Briggs John Tucker, John Nathan. 400 00:21:54,440 --> 00:21:57,800 Speaker 1: Former Philadelphia fifth President Charles Plasters has fed your Powell 401 00:21:57,920 --> 00:22:01,639 Speaker 1: yesterday was trying to appease the markets at bigger rate increases. 402 00:22:01,680 --> 00:22:04,560 Speaker 1: Should not be dismissed. I don't think he should have 403 00:22:04,640 --> 00:22:09,840 Speaker 1: taken seventy seven basics points off the table, as many 404 00:22:09,880 --> 00:22:12,639 Speaker 1: people have been. I don't. I think they need to 405 00:22:12,680 --> 00:22:16,840 Speaker 1: be still on the table. Uh, And and that they 406 00:22:16,920 --> 00:22:20,200 Speaker 1: all have that option. Former Philly finn President Charles Plosser. 407 00:22:20,280 --> 00:22:24,400 Speaker 1: Another reaction from Scott Minor, chief investment officer at Guggenheim, says, 408 00:22:24,480 --> 00:22:27,000 Speaker 1: going back to the nineteen thirties, the pen has never 409 00:22:27,040 --> 00:22:29,159 Speaker 1: been able to reduce inflation by more than two and 410 00:22:29,200 --> 00:22:32,960 Speaker 1: a half percentage points without inducing a recession. Live in 411 00:22:33,000 --> 00:22:36,000 Speaker 1: New York on John Tucker Bloomberg Daybreak, Harry, John, thank you, 412 00:22:36,040 --> 00:22:37,720 Speaker 1: we when you're up. The Bank of England will also 413 00:22:37,800 --> 00:22:41,760 Speaker 1: likely lift interest rates today to combat inflation. Back in Washington, Karen, 414 00:22:41,800 --> 00:22:44,879 Speaker 1: the Senate Judiciary Committee is expected to approve legislation allowing 415 00:22:44,880 --> 00:22:48,600 Speaker 1: the US to sue Opeck for manipulating energy markets. Sticking 416 00:22:48,600 --> 00:22:51,360 Speaker 1: with the whale, Nathan Wren Buffett's increasing his bet on 417 00:22:51,359 --> 00:22:54,040 Speaker 1: one energy company and Bloomberg's or need a young joint 418 00:22:54,119 --> 00:22:56,560 Speaker 1: us live with the latest. Good Morning Ray Now, Good morning. 419 00:22:56,600 --> 00:22:59,800 Speaker 1: Karen Berkshire. Hathaway had already built up a roughly fourteen 420 00:23:00,000 --> 00:23:04,080 Speaker 1: point six percent holding of Occidental Petroleums common stock, and 421 00:23:04,119 --> 00:23:06,560 Speaker 1: now Warren Buffett is snapping up about five point nine 422 00:23:06,600 --> 00:23:09,480 Speaker 1: million more shares of the oil giant. Of filing shows. 423 00:23:09,560 --> 00:23:12,120 Speaker 1: The shares were bought this week at prices ranging from 424 00:23:12,119 --> 00:23:14,879 Speaker 1: about fifty six to fifty eight dollars a piece. That's 425 00:23:14,920 --> 00:23:19,560 Speaker 1: trading right now just above sixty one dollars. And live 426 00:23:19,720 --> 00:23:22,760 Speaker 1: in New York. I'm Rinita Young Bloomberg Day break A right, Nita, 427 00:23:22,840 --> 00:23:24,720 Speaker 1: thank you. That's the five things you need to notice 428 00:23:24,760 --> 00:23:28,000 Speaker 1: start your day. Brought to you by Interactive Brokers and 429 00:23:28,160 --> 00:23:31,720 Speaker 1: straight Ahead your latest local headlines plus a check of sports. 430 00:23:31,800 --> 00:23:39,560 Speaker 1: And this is Bloomberg. Thank you. Caring six thirty three 431 00:23:39,560 --> 00:23:42,119 Speaker 1: on Wall Street, fifty seven degrees in Central Park and 432 00:23:42,160 --> 00:23:44,400 Speaker 1: we got an accident on the north boundary Jersey Turnpike 433 00:23:44,480 --> 00:23:47,160 Speaker 1: truck planes new or Exit thirteen. More on that coming 434 00:23:47,240 --> 00:23:49,480 Speaker 1: up in Traffic. First, Michael bar with more on what's 435 00:23:49,520 --> 00:23:51,399 Speaker 1: going on in New York and around the world. Michael, 436 00:23:51,480 --> 00:23:53,639 Speaker 1: thank you very much. Nathan. New York City police are 437 00:23:53,640 --> 00:23:56,280 Speaker 1: looking for three sauspects and the shooting depths of two 438 00:23:56,280 --> 00:23:59,760 Speaker 1: men in mid Down, Manhattan. The shooting happen overnight at 439 00:23:59,760 --> 00:24:02,840 Speaker 1: thirty seventh and ninth Avenue. Meanwhile, a majority of New 440 00:24:02,920 --> 00:24:05,960 Speaker 1: Yorkers say they disapprove of Mayor Eric adams handling of 441 00:24:06,040 --> 00:24:09,600 Speaker 1: crime in the Five Boroughs, a reversal from three months ago, 442 00:24:10,000 --> 00:24:14,960 Speaker 1: according to a new Quinnipia University poll, approved while fifty 443 00:24:15,280 --> 00:24:19,800 Speaker 1: percent disapproved. Ukrainian forces say they repelled Russian attacks in 444 00:24:19,800 --> 00:24:23,560 Speaker 1: the East and recaptured some territory. It comes as Moscow 445 00:24:23,600 --> 00:24:26,560 Speaker 1: moved to obstruct the flow of Western weapons to Ukraine 446 00:24:26,880 --> 00:24:30,879 Speaker 1: by bombarding rail stations and other supply line targets. Heavy 447 00:24:30,920 --> 00:24:33,639 Speaker 1: fighting also raged at the Steel Mill and Merry Uple. 448 00:24:33,920 --> 00:24:38,720 Speaker 1: Pentagon Press Secretary John Kirby, commenting in general on Russia's accuracy, 449 00:24:39,080 --> 00:24:46,040 Speaker 1: their ability to target with precision has been um less 450 00:24:46,080 --> 00:24:52,360 Speaker 1: than um than advertised throughout this entire war, spokesman John 451 00:24:52,440 --> 00:24:55,480 Speaker 1: Kirby also says they are not focused on Moscow as 452 00:24:55,520 --> 00:24:58,760 Speaker 1: it plans it's May Day parade on Monday. The fallout 453 00:24:58,800 --> 00:25:01,840 Speaker 1: continues over the leak of Supreme Court majority draft opinion 454 00:25:02,080 --> 00:25:06,120 Speaker 1: from February suggesting Roe v. Wade should be overturned. President 455 00:25:06,119 --> 00:25:09,000 Speaker 1: Biden says more could be at stake if the abortion 456 00:25:09,080 --> 00:25:12,320 Speaker 1: ruling is struck now. Secretary of State Anthony B. Lincoln 457 00:25:12,359 --> 00:25:16,119 Speaker 1: is said to be experiencing mild symptoms after testing positive 458 00:25:16,119 --> 00:25:20,760 Speaker 1: for COVID. State Department spokesman Ned Price he will quarantine 459 00:25:21,320 --> 00:25:24,560 Speaker 1: at home. He will follow CDC guidelines. I know he 460 00:25:24,680 --> 00:25:28,640 Speaker 1: very much looks forward to returning to the office, returning 461 00:25:28,680 --> 00:25:31,439 Speaker 1: to his full schedule, and returning to the road just 462 00:25:31,640 --> 00:25:34,880 Speaker 1: as soon as he is able to do so. Spokesman 463 00:25:35,000 --> 00:25:38,000 Speaker 1: Ed Price says Blincoln is fully vaccinated and boosted. And 464 00:25:38,040 --> 00:25:41,439 Speaker 1: Alabama murder suspect and a corrections official are still on 465 00:25:41,480 --> 00:25:45,119 Speaker 1: the run after they disappeared last Friday morning. The Lauderdale 466 00:25:45,160 --> 00:25:48,560 Speaker 1: County Sheriff's Department has released surveillance videos showing fifty six 467 00:25:48,680 --> 00:25:51,800 Speaker 1: year old jail official Vicky White, leaving the lock up 468 00:25:52,000 --> 00:25:54,520 Speaker 1: with thirty eight year old inmate Casey White. The two 469 00:25:54,560 --> 00:25:57,879 Speaker 1: are not related, but had what Sheriff Rick Singleton calls 470 00:25:57,920 --> 00:26:01,240 Speaker 1: a special relationship. My master, Ruby, Vicky, You've been in 471 00:26:01,320 --> 00:26:04,800 Speaker 1: this business for seventeen years. You've seen this scenario play 472 00:26:04,840 --> 00:26:08,240 Speaker 1: out more than once, and you have always ends. Go 473 00:26:08,280 --> 00:26:10,359 Speaker 1: ahead and end it now, you know, get get a 474 00:26:10,440 --> 00:26:14,480 Speaker 1: phone call nine one one, Uh turn yourself in. Sheriff 475 00:26:14,480 --> 00:26:18,000 Speaker 1: Singleton says, Vicky White had an unblemished record Global News 476 00:26:18,000 --> 00:26:20,200 Speaker 1: twenty four hours a day on air and on Bloomberg 477 00:26:20,280 --> 00:26:22,120 Speaker 1: Quick Take Power by more than the twenty seven hundred 478 00:26:22,160 --> 00:26:24,919 Speaker 1: journalists analysts more than a hundred twenty countries. Michael bar 479 00:26:25,040 --> 00:26:32,280 Speaker 1: this is Bloomberg. Nathan, thanks Michael. Just about six thirty 480 00:26:32,280 --> 00:26:34,159 Speaker 1: six on Wall Street and John stash Ower has the 481 00:26:34,160 --> 00:26:37,359 Speaker 1: Bloomberg Sports Update, Nathan. Yankees and Mad's both offs of 482 00:26:37,400 --> 00:26:40,400 Speaker 1: such great starts, but both lost. Yankees in Toronto to 483 00:26:40,400 --> 00:26:42,680 Speaker 1: the one that ends the eleven game win straight. Yanks 484 00:26:42,680 --> 00:26:45,000 Speaker 1: had only five hits, Blue Jays had only four. Aaron 485 00:26:45,080 --> 00:26:47,160 Speaker 1: Boone not around for the end of the game, ejected 486 00:26:47,200 --> 00:26:50,280 Speaker 1: after really getting into it with played umpire Marty Foster. 487 00:26:50,359 --> 00:26:52,480 Speaker 1: The Yanks did not like some of his calls, especially 488 00:26:52,520 --> 00:26:56,280 Speaker 1: in two of Aaron Judges at bats, Judge led Boone 489 00:26:56,520 --> 00:26:59,320 Speaker 1: to the argument, you know, get a little I rate 490 00:26:59,359 --> 00:27:01,479 Speaker 1: and maybe you know from my helmets, say suth him 491 00:27:01,480 --> 00:27:03,720 Speaker 1: to him after the fact. But there's no need. You know, 492 00:27:03,720 --> 00:27:05,000 Speaker 1: we got a lot of ball game off to play, 493 00:27:05,000 --> 00:27:07,240 Speaker 1: and I know I'm gonna get another at bat and 494 00:27:07,280 --> 00:27:09,080 Speaker 1: me and tossing up for somebody else at risk, and 495 00:27:09,200 --> 00:27:10,840 Speaker 1: you know, going there, it's not ready, you know. So 496 00:27:11,080 --> 00:27:13,080 Speaker 1: that's all we got. Andrew Bony stuck up for us tonight. 497 00:27:15,080 --> 00:27:17,080 Speaker 1: As for the Mets, they failed to Atlanta nine to two. 498 00:27:17,200 --> 00:27:19,639 Speaker 1: The Bradins finally got to Tyler McGill with seven runs 499 00:27:19,640 --> 00:27:21,359 Speaker 1: in the six Deny mcgills first lost the year, the 500 00:27:21,359 --> 00:27:23,200 Speaker 1: first series the Mets have failed to win there. In 501 00:27:23,200 --> 00:27:26,400 Speaker 1: Philadelphia tonight, the Yankees are off NBA philos Phoenix shot 502 00:27:26,440 --> 00:27:29,920 Speaker 1: sixty five percent, beat Dallas by twenty. Miami me Philadelphias 503 00:27:29,920 --> 00:27:32,120 Speaker 1: and the Sons and heat I broke up to nothing. 504 00:27:32,160 --> 00:27:34,959 Speaker 1: Stanley Cup Playoffs, Carolina went up to zip on, Boston, 505 00:27:35,080 --> 00:27:38,680 Speaker 1: Tampa Bay, Minnesota, and Edmonton all one to tie their 506 00:27:38,760 --> 00:27:41,040 Speaker 1: series at one. And that's what the Rangers will look 507 00:27:41,080 --> 00:27:43,320 Speaker 1: to do tonight. Game two at the Garden after the 508 00:27:43,359 --> 00:27:46,680 Speaker 1: Penguins Game one win in triple overtime, big comeback in 509 00:27:46,720 --> 00:27:49,960 Speaker 1: the Premier League semifinal, Real Madrid beat Manchester City will 510 00:27:49,960 --> 00:27:52,920 Speaker 1: now play Liverpool for the championship. The Giants learning they'll 511 00:27:52,960 --> 00:27:56,359 Speaker 1: take on Green Bay October nine in London. That's one 512 00:27:56,440 --> 00:27:58,520 Speaker 1: of three NFL games to be played in London. They'll 513 00:27:58,520 --> 00:28:00,840 Speaker 1: be one in Mexico City, and for the first time 514 00:28:00,920 --> 00:28:03,119 Speaker 1: ever a game in Germany. That'll be Tampa Bay Vers 515 00:28:03,160 --> 00:28:06,960 Speaker 1: in Seattle. John stash were Bloomberg Sports na All right, John, 516 00:28:07,000 --> 00:28:09,560 Speaker 1: thanks sixty seven on Wall Street. It's time to take 517 00:28:09,560 --> 00:28:11,120 Speaker 1: a look down at stocks and some of the names 518 00:28:11,240 --> 00:28:13,960 Speaker 1: moving in the pre market as we continue following the 519 00:28:14,600 --> 00:28:17,480 Speaker 1: market reaction to the FED. Let's look under the hood 520 00:28:17,520 --> 00:28:20,639 Speaker 1: now with Bloomberg Radio and TV Markets correspondent Creating Gooped. 521 00:28:20,840 --> 00:28:23,199 Speaker 1: What names have your eye this morning, Creaty Nathan. We're 522 00:28:23,240 --> 00:28:25,159 Speaker 1: gonna stick with a theme that we're talking about yesterday, 523 00:28:25,280 --> 00:28:28,160 Speaker 1: Uber Lift really getting punished yesterday. Today it's a different 524 00:28:28,240 --> 00:28:30,000 Speaker 1: set of growth names. Out of course, is eBay and 525 00:28:30,080 --> 00:28:33,080 Speaker 1: Etsy both reporting earnings, both getting punished for it. Let's 526 00:28:33,080 --> 00:28:35,880 Speaker 1: start with eBay here e b a wiser taker down 527 00:28:36,160 --> 00:28:38,720 Speaker 1: seven per cent this comes after they had a lackluster 528 00:28:38,840 --> 00:28:41,200 Speaker 1: sales and profit outlook for the second quarter, really kind 529 00:28:41,200 --> 00:28:44,680 Speaker 1: of emphasizing the fact that that pandemic driven sales bump, well, 530 00:28:44,720 --> 00:28:46,960 Speaker 1: it's fading now as you start to see perhaps lack 531 00:28:47,000 --> 00:28:50,000 Speaker 1: of of continued stimulus, but also this idea that how 532 00:28:50,080 --> 00:28:53,280 Speaker 1: many people are still shopping online as opposed to perhaps 533 00:28:53,360 --> 00:28:55,959 Speaker 1: going more in store. So eBay getting a little bit 534 00:28:56,000 --> 00:28:58,560 Speaker 1: hurt from that. Analysts though, saying macro head was including 535 00:28:58,600 --> 00:29:02,880 Speaker 1: the war in Ukraine, inflation, and consumer confidence are all 536 00:29:03,000 --> 00:29:05,000 Speaker 1: likely to pressure the results in the near term. So 537 00:29:05,160 --> 00:29:08,200 Speaker 1: not a great vote of confidence for eBay, but and etc. 538 00:29:08,360 --> 00:29:10,120 Speaker 1: I should say, in the same boat E T. S 539 00:29:10,280 --> 00:29:13,480 Speaker 1: Y S R taker down this morning, Nathan. Their second 540 00:29:13,520 --> 00:29:17,240 Speaker 1: quarter forecast fell short of the average analyst estimate as well. Analysts, 541 00:29:17,280 --> 00:29:19,400 Speaker 1: I mean, they were positive on the firm's results, but 542 00:29:19,520 --> 00:29:22,320 Speaker 1: they once again reiterated what they said about eBay as well, 543 00:29:22,360 --> 00:29:25,720 Speaker 1: saying that the challenges relating to the macro economic backdrop 544 00:29:26,040 --> 00:29:28,240 Speaker 1: is a real problem. Nathan, we heard about this yesterday, 545 00:29:28,280 --> 00:29:31,320 Speaker 1: are very youn Michael McKee asking Chare Powell, what is 546 00:29:31,400 --> 00:29:33,680 Speaker 1: the average American consumer are going to think when they 547 00:29:33,760 --> 00:29:36,120 Speaker 1: hear about this fifty basis point rate hike, and he said, well, 548 00:29:36,160 --> 00:29:38,880 Speaker 1: you know what, we're tackling inflation. But yes, we are 549 00:29:38,960 --> 00:29:42,400 Speaker 1: concerned about the consumer and the ability to weather the storm. Yeah, 550 00:29:42,400 --> 00:29:45,360 Speaker 1: and thinking about inflation creatia. Look at oil prices, how 551 00:29:45,480 --> 00:29:48,560 Speaker 1: gas prices have surged. Interesting that you're keeping an eye 552 00:29:48,600 --> 00:29:52,280 Speaker 1: this morning on renewable companies. Yeah, they're doing really well. 553 00:29:52,320 --> 00:29:54,520 Speaker 1: And it's interesting that you connected to the to the 554 00:29:54,560 --> 00:29:57,520 Speaker 1: oil stuff because we were talking about oil rising. Perhaps 555 00:29:57,560 --> 00:29:59,880 Speaker 1: on the back of this new sanctions ban as the 556 00:30:00,040 --> 00:30:02,960 Speaker 1: you start to look at sanctioning oil and banning imports 557 00:30:03,040 --> 00:30:05,880 Speaker 1: from Russia by the end of the year. Perhaps that's 558 00:30:05,920 --> 00:30:07,640 Speaker 1: flowing a little bit into the e V space, the 559 00:30:07,840 --> 00:30:10,880 Speaker 1: renewable space. But so are the earnings pictures are very 560 00:30:10,920 --> 00:30:15,120 Speaker 1: clearly a micro fundamental driver as while Sun run, for example, 561 00:30:15,200 --> 00:30:17,760 Speaker 1: are u n as your taker up nine percent this morning. 562 00:30:17,840 --> 00:30:20,680 Speaker 1: This is a solar energy company. They reported first quarter 563 00:30:20,760 --> 00:30:24,400 Speaker 1: revenue beating expectations and get this, Nathan, they raised their 564 00:30:24,440 --> 00:30:27,880 Speaker 1: full year outlook. They're expecting more and more solar energy demand. 565 00:30:28,360 --> 00:30:30,320 Speaker 1: A similar story when it comes to album Moral a 566 00:30:30,560 --> 00:30:33,200 Speaker 1: LB is your taker up fourteen percent. This is one 567 00:30:33,280 --> 00:30:35,160 Speaker 1: of the main companies I want to say one of 568 00:30:35,200 --> 00:30:38,040 Speaker 1: the only companies in the world that makes kind of lithium, 569 00:30:38,080 --> 00:30:40,400 Speaker 1: and lithium of course is used for the battery business 570 00:30:40,480 --> 00:30:42,560 Speaker 1: for e VS. Uh, so this is really seen as 571 00:30:42,600 --> 00:30:45,000 Speaker 1: kind of in line with that e V renewable kind 572 00:30:45,000 --> 00:30:47,800 Speaker 1: of trade. So Album Marshall, Albert Marral excuse me a 573 00:30:47,960 --> 00:30:50,200 Speaker 1: l B A fourteen percent after the company boosted their 574 00:30:50,240 --> 00:30:53,560 Speaker 1: profit as sales guidance for the signing continued strength in 575 00:30:53,760 --> 00:30:56,720 Speaker 1: lithium pricing once again off the back of that EV demand. Alright. 576 00:30:56,760 --> 00:31:00,520 Speaker 1: Bloomberg Radio TV Markets correspondent Crep with us this morning. 577 00:31:00,560 --> 00:31:03,000 Speaker 1: As we look at the broader picture ahead of the open. 578 00:31:03,520 --> 00:31:06,720 Speaker 1: Futures are moving lower with SMP futures down twenty three points, 579 00:31:06,720 --> 00:31:09,880 Speaker 1: staff futures down a hundred, twenty six down, NASTEC futures 580 00:31:09,920 --> 00:31:13,760 Speaker 1: down seven points, the tenure treasury down five thirty seconds 581 00:31:13,800 --> 00:31:23,760 Speaker 1: the yield. This is Bloomberg Bloomber eleven three oh weather. 582 00:31:23,840 --> 00:31:26,000 Speaker 1: Looking for sunshine today and highs in the low seventies. 583 00:31:26,040 --> 00:31:29,520 Speaker 1: Scattered showers possible tomorrow, low sixties. It'll be breezy and 584 00:31:29,560 --> 00:31:32,680 Speaker 1: cooler Saturday, with a high near fifty five degrees. Right 585 00:31:32,720 --> 00:31:39,000 Speaker 1: now fifty seven in Central Park, markets, headlines and breaking 586 00:31:39,040 --> 00:31:41,880 Speaker 1: news twenty four hours a day at Bloomberg dot Com, 587 00:31:42,040 --> 00:31:45,320 Speaker 1: the Bloomberg Business at and at Bloomberg Quick Tape. He's 588 00:31:45,440 --> 00:31:54,200 Speaker 1: He's a Bloomberg Business Flash and I'm Karen Moscow. This 589 00:31:54,320 --> 00:31:56,600 Speaker 1: update brought to you by the n Y Mellin's Furishing 590 00:31:56,680 --> 00:31:59,840 Speaker 1: learned why the world's most sophisticated wealth management and institutional 591 00:32:00,000 --> 00:32:03,800 Speaker 1: firms rely on Pershing to help them improve profitability, create efficiency, 592 00:32:03,880 --> 00:32:08,160 Speaker 1: attract talent, and manage risk at Pershing dot Com. US 593 00:32:08,240 --> 00:32:11,760 Speaker 1: dot index futures are following this morning. Let's go to 594 00:32:11,800 --> 00:32:14,160 Speaker 1: the First Word Breaking news desk for today's morning call, 595 00:32:14,560 --> 00:32:18,200 Speaker 1: and here's Bill Maloney. Bill, Good morning, Hey, good morning, Karen. 596 00:32:18,240 --> 00:32:21,040 Speaker 1: That's right. US futures are in the red after yesterday's 597 00:32:21,160 --> 00:32:24,160 Speaker 1: FED induced rally. To futures currently down a hundred and 598 00:32:24,240 --> 00:32:26,960 Speaker 1: fifty points, SYS to be dropped twenty six. Nastic futures 599 00:32:27,000 --> 00:32:29,680 Speaker 1: are lower by a hundred and three. The US A 600 00:32:29,760 --> 00:32:32,400 Speaker 1: ten years at two point nine five percent, Gold is 601 00:32:32,480 --> 00:32:35,320 Speaker 1: up sixteen, Oil is training higher, but bitcoin is down 602 00:32:35,400 --> 00:32:39,040 Speaker 1: by point eight percent. Shanghai rose point seven percent overnight, 603 00:32:39,120 --> 00:32:42,000 Speaker 1: while up markets are in the green with one percent gains. 604 00:32:42,080 --> 00:32:44,680 Speaker 1: Across the board. Back in the US on the economic 605 00:32:44,720 --> 00:32:47,920 Speaker 1: Friday eight thirty initial jobs claims and after the bellast night, 606 00:32:48,000 --> 00:32:50,960 Speaker 1: eBay gave a week outlook. Shares a down seven percent 607 00:32:51,080 --> 00:32:53,960 Speaker 1: pre market and deal news people familiar said that Max 608 00:32:54,080 --> 00:32:57,760 Speaker 1: Linear isn't talks to buy chipmaker Silicon Motion. In other news, 609 00:32:57,880 --> 00:33:01,680 Speaker 1: Berkshire Hathaway bought more occident All stock, rabbing things up. 610 00:33:01,680 --> 00:33:04,800 Speaker 1: A Spirit Therapeutics was raised to neutral over at JP 611 00:33:04,920 --> 00:33:07,800 Speaker 1: Morgan Live from the first breaking news dist coom to 612 00:33:07,880 --> 00:33:09,840 Speaker 1: Maloney care right, Bill, thank you to here in live 613 00:33:09,880 --> 00:33:12,480 Speaker 1: breaking news over your Bloomberg type squawk on your terminal 614 00:33:12,720 --> 00:33:15,400 Speaker 1: squ a w K and that's a Bloomberg business flash. 615 00:33:15,480 --> 00:33:17,560 Speaker 1: Now here's Michael Barr with more on what's going on 616 00:33:17,680 --> 00:33:20,520 Speaker 1: around the world. Michael Karen, thank you very much. Overnight, 617 00:33:20,560 --> 00:33:23,880 Speaker 1: crews set up security fencing around the U s Supreme 618 00:33:23,920 --> 00:33:27,920 Speaker 1: Court complex for demonstrations today. It comes amid tentions after 619 00:33:28,040 --> 00:33:30,720 Speaker 1: this week's leak of a draft opinion that would likely 620 00:33:31,040 --> 00:33:34,320 Speaker 1: overturn Roe v. Wade. There are new developments in the 621 00:33:34,400 --> 00:33:37,200 Speaker 1: war in Ukraine nearing in eleventh week. Russia appears to 622 00:33:37,280 --> 00:33:40,920 Speaker 1: be targeting key infrastructure to stop the flow of military 623 00:33:41,040 --> 00:33:45,720 Speaker 1: aid that has been coming into Ukraine. In baseball, the Yankees, Mets, 624 00:33:45,760 --> 00:33:50,400 Speaker 1: Red Sox, Nationals, A's, and Giants all lost the Orioles one. 625 00:33:50,720 --> 00:33:53,200 Speaker 1: In the NHL Playoffs, the Rangers play Game two of 626 00:33:53,280 --> 00:33:56,240 Speaker 1: their series against the Penguins tonight. The Bruins lost to 627 00:33:56,320 --> 00:33:59,880 Speaker 1: the Hurricanes. Carolina now leads that series two games to ZIP. 628 00:34:00,240 --> 00:34:02,760 Speaker 1: Global News twenty four hours a day on air and 629 00:34:02,960 --> 00:34:06,320 Speaker 1: on Bloomberg Quicktake, powered by more than twenty seven hundred 630 00:34:06,360 --> 00:34:09,120 Speaker 1: journalist and analysts in more than a hundred twenty countries 631 00:34:09,160 --> 00:34:12,600 Speaker 1: on Michael Barr This is Bloomberg. The following commentary is 632 00:34:12,640 --> 00:34:17,200 Speaker 1: from Bloomberg Opinion. I'm Jonathan Bernstein, a columnist for Bloomberg Opinion. 633 00:34:17,320 --> 00:34:20,320 Speaker 1: Score one for Donald Trump. His endorsed candidate, Jade Vance 634 00:34:20,400 --> 00:34:22,800 Speaker 1: won the Republican Senate primary in Ohio. This kind of 635 00:34:22,840 --> 00:34:25,200 Speaker 1: election is where an endorsement is most likely to matter. 636 00:34:25,400 --> 00:34:28,399 Speaker 1: A large field primary of well funded candidates with little 637 00:34:28,440 --> 00:34:32,320 Speaker 1: to differentiate them. That's where great ads, debate gaffs, clever attacks, 638 00:34:32,480 --> 00:34:36,440 Speaker 1: or attention driving endorsements can move lots of voters quickly. Meanwhile, 639 00:34:36,520 --> 00:34:40,680 Speaker 1: see a pair of House Ohio primaries for further evidence 640 00:34:40,760 --> 00:34:44,400 Speaker 1: of party differences. In one, a Democratic can come and 641 00:34:44,440 --> 00:34:47,600 Speaker 1: soundly defeated a Bernie supporting radical who most party actors 642 00:34:47,680 --> 00:34:51,200 Speaker 1: considered ill suited for office. In another, Republicans in a 643 00:34:51,239 --> 00:34:54,080 Speaker 1: competitive district dominated a candidate whose main claim to fame 644 00:34:54,120 --> 00:34:56,400 Speaker 1: seems to have been that he painted his lawn for 645 00:34:56,520 --> 00:35:00,160 Speaker 1: Trump over two better known state legislators. Very liberal or 646 00:35:00,280 --> 00:35:03,360 Speaker 1: very conservative members of Congress are fine. The problem is 647 00:35:03,400 --> 00:35:06,920 Speaker 1: politicians who have no interest in governing, opposed compromising principle, 648 00:35:07,080 --> 00:35:09,840 Speaker 1: and see elected office mainly as a means of catching in, 649 00:35:10,239 --> 00:35:13,279 Speaker 1: And too many Republican nominees unfortunately fit into one or 650 00:35:13,320 --> 00:35:16,680 Speaker 1: more of those categories. I'm Jonathan Bernstein. For more opinion, 651 00:35:16,719 --> 00:35:19,400 Speaker 1: please go to Bloomberg dot com, slash opinion or opi 652 00:35:19,640 --> 00:35:22,640 Speaker 1: and go on the Bloomberg terminal. These has been Bloomberg 653 00:35:22,680 --> 00:35:26,320 Speaker 1: Opinion and Bloomberg Opinion commentaries can be heard every weekday 654 00:35:26,360 --> 00:35:29,080 Speaker 1: at this time and terminal customers can read more at 655 00:35:29,160 --> 00:35:32,160 Speaker 1: O P I N go. It is six fifty on 656 00:35:32,239 --> 00:35:34,680 Speaker 1: Wall Street. We turned to news and science and technology 657 00:35:34,760 --> 00:35:37,320 Speaker 1: now with the Bloomberg and j I T. STEM Report. 658 00:35:37,600 --> 00:35:39,680 Speaker 1: It is brought to you by New Jersey Institute of 659 00:35:39,800 --> 00:35:43,280 Speaker 1: Technology and j i T is dedicated to bolstering support 660 00:35:43,360 --> 00:35:46,520 Speaker 1: for female and minority students pursuing careers and high paying 661 00:35:46,600 --> 00:35:49,520 Speaker 1: STEM industries. Learn more at n j I T dot 662 00:35:49,600 --> 00:35:53,239 Speaker 1: edu and now Here's just making news in science, Technology, engineering, 663 00:35:53,280 --> 00:35:56,680 Speaker 1: and math. California, which has an economy larger than all 664 00:35:56,760 --> 00:35:59,440 Speaker 1: but four countries and where much of the world's technological 665 00:35:59,480 --> 00:36:02,520 Speaker 1: innovation is born, has become the first state to formally 666 00:36:02,600 --> 00:36:06,799 Speaker 1: begin examining how to broadly adapt a cryptocurrency and related innovations. 667 00:36:07,160 --> 00:36:10,520 Speaker 1: Governor Gavin Newsom signed an executive order for state agencies 668 00:36:10,560 --> 00:36:13,080 Speaker 1: to move in tandem with the federal government to craft 669 00:36:13,200 --> 00:36:16,600 Speaker 1: regulations for digital currencies. It also calls for officials to 670 00:36:16,680 --> 00:36:21,440 Speaker 1: explore incorporating broader blockchain computer coding into the government operations. 671 00:36:22,280 --> 00:36:25,880 Speaker 1: China's beating up restrictions in Beijing and continuing a punishing 672 00:36:26,000 --> 00:36:29,560 Speaker 1: lockdown in Shanghai. Officials in Shanghai say they won't ease 673 00:36:29,600 --> 00:36:32,080 Speaker 1: the restrictions until the number of cases in the community 674 00:36:32,160 --> 00:36:34,680 Speaker 1: reached zero for three days in a row. The tomp 675 00:36:34,760 --> 00:36:38,800 Speaker 1: Us infectious disease. Doctor Anthony Fauci criticized the Chinese approach 676 00:36:38,880 --> 00:36:41,959 Speaker 1: as ineffective and the price of weed gained the most 677 00:36:42,120 --> 00:36:45,320 Speaker 1: in more than three weeks. One of the world's largest exporters, India, 678 00:36:45,719 --> 00:36:48,600 Speaker 1: is considering whether to restrict shipments at a time when 679 00:36:48,640 --> 00:36:51,560 Speaker 1: there's growing concern about a food crisis. A heat wave 680 00:36:51,680 --> 00:36:54,759 Speaker 1: is hurt Indian crops this spring. That's the Bloomberg and 681 00:36:54,920 --> 00:36:58,279 Speaker 1: j I. T Stem Report. Nathan Okay, Karen Thanks, rely 682 00:36:58,440 --> 00:37:01,240 Speaker 1: from the Bloomberg Interactive Broker's studios where it's six fifty 683 00:37:01,280 --> 00:37:03,160 Speaker 1: two on Wall Street Time now to check what's going 684 00:37:03,200 --> 00:37:05,120 Speaker 1: on in d C. Some of the top stories in 685 00:37:05,160 --> 00:37:08,480 Speaker 1: our nation's capital include abortion rights groups seeing donation surge 686 00:37:08,560 --> 00:37:11,880 Speaker 1: after the Supreme Court leak, the US giving security assurances 687 00:37:11,960 --> 00:37:15,160 Speaker 1: to Sweden and Finland on their road to NATO, and 688 00:37:15,360 --> 00:37:18,719 Speaker 1: Donald Trump Junior testifying before the January six Committee in 689 00:37:18,719 --> 00:37:21,200 Speaker 1: the House. For more, we're joined by Bloomberg Government Congressional 690 00:37:21,200 --> 00:37:25,640 Speaker 1: reporter Jack Fitzpatrick. Jack, good morning. Obviously, besides the FED move, 691 00:37:25,920 --> 00:37:30,000 Speaker 1: the abortion rights story continues to unfold in Washington, DC, 692 00:37:30,239 --> 00:37:32,920 Speaker 1: and now we're starting to see that play out when 693 00:37:32,960 --> 00:37:37,440 Speaker 1: it comes to advocates getting money. That's right, Yeah, this 694 00:37:37,600 --> 00:37:40,120 Speaker 1: is the big story in Washington, and yes, it's it's 695 00:37:40,120 --> 00:37:43,560 Speaker 1: a bit of a confusing story in Congress because there's 696 00:37:43,600 --> 00:37:47,200 Speaker 1: only so much Democrats can do in response to this 697 00:37:47,400 --> 00:37:51,719 Speaker 1: draft ruling out of the Supreme Court. So top Democrats, 698 00:37:52,120 --> 00:37:54,000 Speaker 1: especially in the Senate, who are in this week, have 699 00:37:54,120 --> 00:37:57,200 Speaker 1: said a lot of this comes down to November and 700 00:37:57,680 --> 00:38:01,400 Speaker 1: mobilizing their supporters in the mid of elections. Uh. It 701 00:38:01,600 --> 00:38:04,840 Speaker 1: is probably a positive sign for them that there's a 702 00:38:05,040 --> 00:38:09,040 Speaker 1: large amount of money going to advocacy groups. Uh near all. 703 00:38:09,560 --> 00:38:13,040 Speaker 1: Pro Choice America said it had gotten a one thousand, 704 00:38:13,120 --> 00:38:18,080 Speaker 1: four hundred three percent increase in donations after the publication 705 00:38:18,160 --> 00:38:21,479 Speaker 1: of that draft ruling. There's more money going to Act Blue, 706 00:38:21,560 --> 00:38:25,839 Speaker 1: the Democratic fundraising platform probably should keep in mind. Uh. 707 00:38:26,280 --> 00:38:29,000 Speaker 1: You know, there may be limits to how much Democrats 708 00:38:29,160 --> 00:38:33,040 Speaker 1: can gain. You look at the election and college educated 709 00:38:33,080 --> 00:38:37,120 Speaker 1: women came out big four Democrats already. But it is 710 00:38:37,320 --> 00:38:40,840 Speaker 1: at least uh sort of good news for Democrats looking 711 00:38:40,960 --> 00:38:44,480 Speaker 1: forward to November, given the the amount of mobilization we've 712 00:38:44,560 --> 00:38:47,359 Speaker 1: seen among people who are frustrated with this draft ruling, 713 00:38:47,400 --> 00:38:49,480 Speaker 1: and that really is what Democrats are banking on is 714 00:38:49,800 --> 00:38:53,200 Speaker 1: a response in the November midterms. It does really raise 715 00:38:53,280 --> 00:38:56,120 Speaker 1: the question, though, doesn't it jack whether this issue can 716 00:38:56,360 --> 00:38:58,960 Speaker 1: continue to be kept up in terms of momentum when 717 00:38:59,320 --> 00:39:01,040 Speaker 1: for a lot of or as you would imagine that 718 00:39:01,120 --> 00:39:03,879 Speaker 1: if inflation continues to be an issue, that that could 719 00:39:03,920 --> 00:39:07,360 Speaker 1: be driving them to the polls as well. Yes, and 720 00:39:07,480 --> 00:39:10,440 Speaker 1: if you listen to the issues that the President has 721 00:39:10,520 --> 00:39:12,879 Speaker 1: been speaking on, you get sort of you can take 722 00:39:12,920 --> 00:39:16,520 Speaker 1: the temperature of which issues are the most motivating. Uh. 723 00:39:16,800 --> 00:39:20,920 Speaker 1: President Biden really has talked about the economy, seeking to 724 00:39:21,080 --> 00:39:27,439 Speaker 1: address concerns that people have with inflation, obviously frustration over 725 00:39:27,640 --> 00:39:33,080 Speaker 1: the continuation of somewhat of a pandemic mindset, the sort 726 00:39:33,080 --> 00:39:36,560 Speaker 1: of conflicting responses we've seen from the federal government in 727 00:39:36,760 --> 00:39:40,040 Speaker 1: terms of mask mandates being pulled away, and exactly what 728 00:39:40,160 --> 00:39:45,120 Speaker 1: our stances on that it's There is a widespread expectation 729 00:39:45,680 --> 00:39:48,960 Speaker 1: in Washington, including among some Democrats I've talked to, that 730 00:39:49,080 --> 00:39:53,040 Speaker 1: Republicans have a clear advantage heading towards the mid terms. Uh. 731 00:39:53,120 --> 00:39:57,480 Speaker 1: And really this abortion issue is a hope that Democrats 732 00:39:57,520 --> 00:40:00,120 Speaker 1: have to mobilize their their voters. But you're right, is 733 00:40:00,120 --> 00:40:02,560 Speaker 1: a lot of time left between now and November, and 734 00:40:02,680 --> 00:40:05,080 Speaker 1: I know the war in Ukraine is also a major 735 00:40:05,239 --> 00:40:08,080 Speaker 1: issue in focus for the Biden administration. There was a 736 00:40:08,200 --> 00:40:11,400 Speaker 1: meeting between the Secretary of State and the Foreign Minister 737 00:40:11,520 --> 00:40:14,760 Speaker 1: of Sweden when came out of that. Yes, so Sweden's 738 00:40:14,760 --> 00:40:19,839 Speaker 1: foreign minister actually said following that she got assurances. These 739 00:40:19,880 --> 00:40:24,760 Speaker 1: are not security guarantees, but security assurances in the case 740 00:40:25,000 --> 00:40:30,239 Speaker 1: of Russian aggression towards Sweden. And really this stands in 741 00:40:30,360 --> 00:40:35,319 Speaker 1: the context of Sweden and Finland. Finland having those concerns. UH, 742 00:40:35,480 --> 00:40:39,400 Speaker 1: there's the process of these countries applying for natoship. Finland 743 00:40:39,480 --> 00:40:43,520 Speaker 1: is expected to apply for natoship May seventeenth. The timing 744 00:40:43,560 --> 00:40:46,479 Speaker 1: on Sweden is not exactly the same. UH. That would 745 00:40:46,560 --> 00:40:49,000 Speaker 1: allow the US to do a lot more. The US 746 00:40:49,080 --> 00:40:51,879 Speaker 1: is very hesitant, as we've seen in Ukraine, to get 747 00:40:52,040 --> 00:40:56,279 Speaker 1: involved militarily in response to Russian aggression if it's not 748 00:40:56,400 --> 00:40:59,840 Speaker 1: a NATO country. But there's still were assurances made that 749 00:41:00,120 --> 00:41:02,680 Speaker 1: would UH. In the words of Sweden's foreign minister, it 750 00:41:02,680 --> 00:41:05,600 Speaker 1: would be clear to Russia that if they conduct negative 751 00:41:05,640 --> 00:41:08,880 Speaker 1: activities towards Sweden. UH, then as she said, the U 752 00:41:09,040 --> 00:41:12,000 Speaker 1: S would not let that pass unnoticed. So clearly the 753 00:41:12,120 --> 00:41:16,080 Speaker 1: US is trying to offer a supportive stance to these countries. 754 00:41:16,280 --> 00:41:18,919 Speaker 1: In our last minute, here Jack, another member of former 755 00:41:19,000 --> 00:41:23,279 Speaker 1: President Trump's family has gone before the January six Committee. Yes, 756 00:41:23,400 --> 00:41:27,759 Speaker 1: this time, Donald Jump Donald Trump Junior has interviewed with 757 00:41:27,880 --> 00:41:32,640 Speaker 1: the January sixth Committee. UH notable among the many Trump 758 00:41:32,640 --> 00:41:37,200 Speaker 1: administration officials and close personal connections to the former president. UH. 759 00:41:37,280 --> 00:41:41,000 Speaker 1: And keep in mind that his fiance, also, Kimberly Gilfoyle, 760 00:41:41,080 --> 00:41:45,640 Speaker 1: already had testified last month. The committee has already made 761 00:41:45,680 --> 00:41:49,600 Speaker 1: clear also that it has texts in which Donald Trump 762 00:41:49,719 --> 00:41:52,440 Speaker 1: Junior was telling Mark Meadows, then the chief of staff, 763 00:41:52,520 --> 00:41:55,439 Speaker 1: that there needed to be a stronger response from his father. 764 00:41:55,560 --> 00:41:58,680 Speaker 1: He actually called in those text messages for an overall 765 00:41:58,760 --> 00:42:03,520 Speaker 1: oval address on January six, So in these the testimony 766 00:42:03,600 --> 00:42:06,400 Speaker 1: may have centered around some of those issues that the 767 00:42:06,440 --> 00:42:10,880 Speaker 1: committee already had revealed in text messages. Jack Fitzpatrick, Bloomberg Government. 768 00:42:10,920 --> 00:42:13,000 Speaker 1: Thanks for the update from the nation's capital, and you 769 00:42:13,040 --> 00:42:15,359 Speaker 1: can read more about these stories on Bloomberg dot com 770 00:42:15,640 --> 00:42:18,120 Speaker 1: or on the Bloomberg terminal. Listen to Bloomberg Radio in 771 00:42:18,160 --> 00:42:23,000 Speaker 1: Washington Bloomberg and one oh five point seven FM HD two. 772 00:42:23,520 --> 00:42:26,120 Speaker 1: Looking ahead to the market, open futures are moving lower 773 00:42:26,200 --> 00:42:29,680 Speaker 1: after the rally following the Fed decision. We have SMP 774 00:42:29,800 --> 00:42:32,319 Speaker 1: futures down twenty nine points down futures down a hundred 775 00:42:32,360 --> 00:42:36,200 Speaker 1: seventy six Nastack futures down a hundred seventeen points. A 776 00:42:36,320 --> 00:42:39,560 Speaker 1: Bank of England decision just a few minutes away. More 777 00:42:39,600 --> 00:42:42,840 Speaker 1: to come on Bloomberg Surveillance with Tom Keene, Jonathan Pharaoh, 778 00:42:42,880 --> 00:42:46,440 Speaker 1: and Lisa Brahmowitz for Karen Moscow. I'm Nathan Hager. This 779 00:42:46,800 --> 00:42:47,480 Speaker 1: is Bloomberg