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Speaker 1: Live from the Bloomberg Interacted Brooker Studios is Bloomberg day

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Speaker 1: Break for Monday, June six. Coming up, the shower stocks

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Speaker 1: rise around the world as we begin a new trading week.

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Speaker 1: Oil gains is Saudi Arabia, Racist prices in Asia more

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Speaker 1: than expected. President Biden takes executive action to boost the

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Speaker 1: U S. Solar industry, and UK Prime Minister Boris Johnson

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Speaker 1: faces that key leadership vote. It was a deadly weekend

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Speaker 1: of shootings as U S Senators work on gun reform.

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Speaker 1: Plus primary elections take place in seven states tomorrow, including

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Speaker 1: New Jersey. I'm Michael barr More an I'm John stash

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Speaker 1: Owen sports a late goal live to Tampa Bay over

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Speaker 1: the Rangers. The Warriors beat the Celtics, wins for the

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Speaker 1: Mets and Yankees. That's all trading ahead on Bloomberg Daybreak

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Speaker 1: on Bloomberg eleven, Free on New York, Bloomberg one, Washington,

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Speaker 1: d C, Bloomberg one oh six one, Boston, Bloomberg nine

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Speaker 1: sixties and Francisco Sirius x M one nine team and

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Speaker 1: around the world on Bloomberg Radio dot Com and via

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Speaker 1: the Bloomberg Business app. And Good Morning, I'm pared Moscow.

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

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Speaker 1: In the Cloud, your data has the power to do

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Speaker 1: the extraordinary. Managed data across any location in the cloud

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Speaker 1: for accurate and actionable insights. More at Informatica dot Com

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Speaker 1: and US futures are higher this morning. It is five

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Speaker 1: oh one on Wall Street and we check the markets

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Speaker 1: every fifteen minutes throughout the trading day. On Bloomberg, S

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Speaker 1: and P futures have about forty seven points now. Futures

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Speaker 1: have two D eighty one. NAZAC futures have one hundred

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Speaker 1: and nine ten year treasury down seven thirty seconds, yield

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Speaker 1: two point nine five percent, and a yield on the

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Speaker 1: two year two point six eight percent. Nine X Screwed

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Speaker 1: oil is up three tenths of a percent. Nathan, Wellkaren,

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Speaker 1: we are seeing a lift in markets as we begin

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Speaker 1: a new trading week, helping to boost a sentiment in

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Speaker 1: Asia Beijing reopening further from its COVID restrictions. Let's get

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Speaker 1: the recap from Bloomberg's Juliette Sally in Singapore. Good morning, Juliette,

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Speaker 1: Good morning, Nathan and Koura and Japanese equities are raised

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Speaker 1: earlier losses, and Texas rose in Hong Kong following the

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Speaker 1: long weekend, this after a gauge of Chinese companies traded

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Speaker 1: in the US had risen two percent of the two

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Speaker 1: trading sessions that Hong Kong had been closed. Stocks in

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Speaker 1: Maitland China advanced as Beijing eased back COVID nineteen restrictions,

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Speaker 1: also lifting the on Choi one. Australian stocks fell, bucking

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Speaker 1: the trend ahead of an expected second consecutive interest rate

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Speaker 1: increased Tuesday, while Swiss Bank UBS said buying the Ozzie

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Speaker 1: Dolla is a phenomenal trade in Singapore. Juliette Sally Bloomberg Daybreak,

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Speaker 1: All right, Juliet, thank you all. Oil is also on

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Speaker 1: the rise this morning, approaching a hundred twenty dollars of

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Speaker 1: barrel Saudi Arabia signaling confidence and demand for oil. The

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Speaker 1: Kingdom raised prices more than expected for Asian customers and

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Speaker 1: again more from Bloomberg Markets Live editor Heather Burke, so

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Speaker 1: Do Arabia signaled confidence with the demand um with the

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Speaker 1: bigger than expected price increases, It's screwed for Asia and

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Speaker 1: overall we're seeing improve in demand picture. Um, we're heading

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Speaker 1: into peak summer driving season, and also in China, which

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Speaker 1: is the top crude buyer. They um they continue to

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Speaker 1: eat COVID restrictions. We should also help the demand side

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Speaker 1: of oil and Bluebird Markets Live editor heatherir Burke says

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Speaker 1: oil is rallied almost six this year. Checking prices right

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Speaker 1: now and not make screwded oil at three tenths per

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Speaker 1: center thirty three cents and a hundred nineteen twenty one

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Speaker 1: cents of barrel Brent is up to tenths percent is

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Speaker 1: in a hundred nineteen two cents. Well, oil has certainly

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Speaker 1: been a major factor in the rise of inflation. Karen

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Speaker 1: and now President Biden's Commerce chief Gina Romando says it

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Speaker 1: may make sense to lift tariffs on some imported products

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Speaker 1: to help ease higher prices steel and aluminum. We've decided

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Speaker 1: to keep some of those tariffs because we need to

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Speaker 1: protect American workers and we need to protect our our

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Speaker 1: steel industry. That's a matter of national security. There are

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Speaker 1: other products, um, you know, household goods, bicycles, et cetera. Uh,

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Speaker 1: and it may make sense. Commerce Secretary Gena Mondo made

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Speaker 1: the comments on CNN. Over the weekend, ball Street is

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Speaker 1: racing for a key report on inflation. We get the

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Speaker 1: story from Bloomberg's Vinnie Down Judas. The Labor Department will

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Speaker 1: the shoe May's consumer price index on Friday. Economists say

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Speaker 1: that you over your inflation rate will continue near historic

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Speaker 1: levels topping eight percent. A major driver in May record

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Speaker 1: petroleum costs in addition to the sustained run up another

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Speaker 1: household stables. Also on this week's date agenda, University of

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Speaker 1: Michigan figures and consumer sentiment. Sentiment has been running low

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Speaker 1: as the quest of living runs high. Judas Bloomberg day break.

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Speaker 1: All right, Vinney, thank you. We're getting a new word

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Speaker 1: from Goldman Sachs at the u S economy remains on

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Speaker 1: a narrow path to a soft landing. Let's get more

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Speaker 1: on that life from Bloomberg's We need a young Good

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Speaker 1: Morning Grin Good Morning, Nathan Goldman says improving inflation numbers

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Speaker 1: and other factors suggest that the Fed may be able

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Speaker 1: to pull off its aggressive rate hike plan without tipping

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Speaker 1: the country into a recession. Goldman economists say sequential core

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Speaker 1: inflation appears to be slowing, and pressures on the supply

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Speaker 1: chain are improving and as signs of softening in the

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Speaker 1: job markets emerge. But the econdomists say while the deterioration

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Speaker 1: and indicators like the first quarters GDP contraction suggests near

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Speaker 1: term recession risk risk has increased, other measures show output

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Speaker 1: is still expanding. Live in New York. I'm gonna need

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Speaker 1: a Young Bloomberg day break. All right, we need to

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Speaker 1: thank you at least I have. Of a dozen central

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Speaker 1: banks are expected to raise interest rates this week. Meanwhile,

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Speaker 1: the European Central Bank is predicted to finally join the

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Speaker 1: global tightening bandwagon, with policymakers on Thursday expected to announce

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Speaker 1: an end to bond purchases and formally begin the countdown

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Speaker 1: to an increase in borrowing costs in July. In Europe, Karen,

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Speaker 1: the future of Boris Johnson is in focus as he

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Speaker 1: faces a leadership vote in his ruling Conservative Party. Let's

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Speaker 1: go live to London and get the very latest on

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Speaker 1: that with Bloomberg's Ein Potts. Good morning, Good morning, Nathan

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Speaker 1: and Karen. After months of speculation, at eight am outside

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Speaker 1: the British House of Parliament, it was announced that the

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Speaker 1: Prime Minister is the face of votes of confidence in

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Speaker 1: his leadership. This off the fis of lawmakers from Boris

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Speaker 1: Johnson's own Conservative party called for the votes. The pms

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Speaker 1: be under five for a series of illegal gatherings at

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Speaker 1: Downing Street during the COVID lockdowns. The votes on Johnson's

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Speaker 1: future will conclude at eight pm London time, and he

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Speaker 1: needs the support of at least half of lawmakers to

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Speaker 1: keep his position in London. I'm your part Spoomberg Daybreak,

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Speaker 1: Right you and thank you. Back here in the US,

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Speaker 1: President Biden will take executive action to boost the U

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Speaker 1: s solar industry. Bloomberg's Amy Morris has deta answermer newsroom

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Speaker 1: in Washington. Sources tell Bloomberg News the President plans to

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Speaker 1: invoke the Defense Production Act to provide support for US

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Speaker 1: made solar panels, while announcing a two year hald on

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Speaker 1: new solar tariffs now that would allow domestic developers to

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Speaker 1: use the foreign equipment while US manufacturing ramps up. The

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Speaker 1: White House is also set to use the federal government's

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Speaker 1: purchasing power to help support American clean energy manufacturers. The

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Speaker 1: announcement could come as early as today. In Washington, I'm

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Speaker 1: Amy Morris, Bloomberg Daybreak, All right, Amy. Thanks. And finally,

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Speaker 1: Starbucks is looking at external candidates only for its next CEO.

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Speaker 1: That's according to interim chief executive Howard Schultz. He tells

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Speaker 1: the Wall Street Journal the coffee chain needs to add

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Speaker 1: new talented skills to its leadership ranks. Schultz is in

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Speaker 1: his third stint running Starbucks, but he says he is

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Speaker 1: not a candidate for the full time job. You're listening

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Speaker 1: to Bloomberg Daybreak. It's sound five oh seven on Wall

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Speaker 1: Street where at sixty four degrees in Central Parks. Still

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Speaker 1: got some lingering road construction. He spound two eighty bags

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Speaker 1: at seven and West Orange. We'll get the details on

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Speaker 1: that for you in traffic shortly. Michael Barr is here

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Speaker 1: first with war on what's going on in New York

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Speaker 1: and around the world. Good morning, Michael, Good morning Nathan.

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Speaker 1: A deadly weekend of shootings in the US and several

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Speaker 1: states left about a dozen people dead. In Philadelphia, three

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Speaker 1: people were killed and eleven wounded into shooting. Philadelphia Police

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Speaker 1: Commissioner Danielle Outlaws says they are looking for the shooter

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Speaker 1: who fled on foot. We're working with our local, state,

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Speaker 1: and federal partners to make sure that no lead is

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Speaker 1: lost and that no stone remains unturned. Commissioner outlaws as

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Speaker 1: authorities are offering a twenty tho dollar reward for information

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Speaker 1: leading to the arrest of the shooter. A shooting near

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Speaker 1: a Chattanooga nightclub left three dead. Police say fourteen were

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Speaker 1: shot and three others were hit by vehicles. Chattanooga Mayor

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Speaker 1: Tim Kelly, I've been an avid hunter and a marksman

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Speaker 1: all my life, and I want to say clearly a

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Speaker 1: fully responsible I fully support rather responsible gun owner show.

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Speaker 1: The Congress needs to do their jobs and past common

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Speaker 1: sense regulations that will help stop this nonsense. Mayor Kelly

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Speaker 1: implored parents to keep track of their children, especially if

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Speaker 1: they are suspect to carrying a gun. Meanwhile, a bipartisan

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Speaker 1: group of US Senators say gun talks are inching forward,

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Speaker 1: though a deal is far from assured. Officials fear more

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Speaker 1: than fifteen people were killed in southwestern Nigeria when gunman

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Speaker 1: burst into a Catholic church during mass, opening fire and

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Speaker 1: detonating explosives. So far, no one has claimed responsibility. Primary

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Speaker 1: elections in New Jersey and six other states will take

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Speaker 1: place tomorrow will set the stage for US House and

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Speaker 1: send it battles this fall that will play into control

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Speaker 1: of Congress. Many contests are being shaped by political divisions

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Speaker 1: in both major parties and the shadow of former President

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Speaker 1: Donald Trump. In New Jersey's GOP primary, Tom Malinowski one

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Speaker 1: by fewer than two percentage points, and his district has

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Speaker 1: become slightly more Republican since new congressional district lines were

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Speaker 1: set last year. The US and South Korea launched eight

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Speaker 1: missiles in response to North Korea. Yesterday at the North

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Speaker 1: test fired eight missiles. Global News twenty four hours a

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Speaker 1: day on air and on Bloomberg Quick Take, powered by

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Speaker 1: more than twenty seven hundred journalists antalists more than a

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Speaker 1: hundred twenty countries. Michael Barrn this is Bloomberg, Nathan. Michael

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Speaker 1: thanks five o nine on Wall Street time for the

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Speaker 1: Bloomberg Sports Updated. Morney, John Sesshaw, every Morney. Nathan. Rangers

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Speaker 1: fans probably not realistically expect that series sweep of Tampa

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Speaker 1: bayl though id likely after their minds when the Rangers

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Speaker 1: scored two power play goals in the second period and

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Speaker 1: led Game three to not think, but the Lightning came

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Speaker 1: back two power play goals of their own and then

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Speaker 1: in the final minute, the first and only five on

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Speaker 1: five goal of the game, shoot save me if by

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Speaker 1: the circuit rebound the turnack right point left point head

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Speaker 1: been Class A speed plot FO one w f l

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Speaker 1: A and Tampa Lightning won three two. Rangers now lead

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Speaker 1: the series to one game four s Game two of

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Speaker 1: the NBA Finals, Warriors dominated the third quarter. That was

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Speaker 1: the difference. They beat the Celtics one oh seven eighty

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Speaker 1: eight type of series and one. Quince Snyder resigned after

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Speaker 1: eight years as the coach of the Utah Jazz Mets.

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Speaker 1: In l A trail. The early scored three rounds of

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Speaker 1: the eighth anywhere one out from victory bottom of the

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Speaker 1: ninth with the Dodgers tied the game, Mets still won

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Speaker 1: five for and ten, so they gained a split of

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Speaker 1: the four game set. After they dropped the first two.

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Speaker 1: They played tonight in San Diego. Yankees are off they liked.

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Speaker 1: The Mets also won five four tennantings after Detroit tied

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Speaker 1: the game of the eighth of John Donaldson Zack flying

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Speaker 1: the tenth, and the Yanks sweep the x game homestand

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Speaker 1: a third of the way through the season. Yankees are

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Speaker 1: thirty nine and fifteen. It's the best record any MLB

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Speaker 1: team has had at this point in the last twenty

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Speaker 1: one years. Make it fourteen French Open titles. Paraphi on

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Speaker 1: the Douts went the two Grand Slams. That's two more

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Speaker 1: than Roger Federer and go Back Tokovich. Billy Orsol won

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Speaker 1: the Memorial Galpin Ohio by four shots. John Stashoward Bloomberg

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Speaker 1: Sport okay, John, thanks so. After ending last week with losses,

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Speaker 1: futures are pointing two gains as we kick off a

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Speaker 1: new trading week dominated by inflation ratings. Right now, SMP

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Speaker 1: futures are up forty five point, Stown futures up two

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Speaker 1: hundred seventy two, NASTACK futures are higher by a hundred

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Speaker 1: eighty five points. The tenure treasury is down six thirty seconds.

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Speaker 1: The yield two point nine five percent. You'ld on the

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Speaker 1: two year two point six eight nime X Scrude is

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Speaker 1: hired by three tenths per cent, forty two cents hired

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Speaker 1: a hundred nineteen dollars twenty six cents a barrel, and

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Speaker 1: come X gold is up two tenths percent At eighteen

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Speaker 1: fifty four. Ten announced we'll get you set for the

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Speaker 1: new trading week. Next Dennis Gartman, the former publisher of

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Speaker 1: the Gartman Letter, is with us in just a few minutes.

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Speaker 1: This is Bloomberg Bloomberg eleven three oh weather. Lots of

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Speaker 1: sunshine today with a high near eighty degrees upper seventies

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Speaker 1: and partly sunny Tomorrow. Showers and storms likely Wednesday with

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Speaker 1: highs in the upper seventies. Right now sixty four degrees

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Speaker 1: in Central Park. Markets. Headlines and breaking news twenty four

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Speaker 1: hours a day at Bloomberg dot com, the Bloomberg Business

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Speaker 1: at and at Bloomberg Quick Tape. She's a Bloomberg business

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Speaker 1: flash and I'm pared. Moscow Stocks in Europe are gaining

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Speaker 1: along with US stock index futures as Beijing further eases

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Speaker 1: COVID restrictions, helping to soothe a fragile mood of bit

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Speaker 1: inflation and rate high concerns, treasuries and the dollars slipping.

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Speaker 1: We checked the markets every fifteen minutes throughout the trading

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Speaker 1: day on Bloomberg S and P futures of forty five

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Speaker 1: points to death features of two hundred seventy five nast

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Speaker 1: day features of one hundred seventies seven the decks in

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Speaker 1: Germany's of one percent ten year treasury down seven thirty

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Speaker 1: seconds held two point nine five percent. They yield on

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Speaker 1: the two year two point six eight percent. Nimex screwed

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Speaker 1: oils at three ten percent or forty one cents and

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Speaker 1: a hundred nineteen dollars twenty nine cents a barrel. Comics

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Speaker 1: goold of a quarter percent or four dollars seventy cents

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Speaker 1: at eighteen fifty four and ninety announce the euro one

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Speaker 1: point oh seven for eight against the dollar, British pound

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Speaker 1: one point to five seven one and the yen one

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Speaker 1: thirty point seven three and Bitcoin this morning of five

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Speaker 1: percent at thirty one thou four hundred dollars. That's a

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Speaker 1: Bloomberg business flash. Now here's Michael Barr with Moore on

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Speaker 1: what's going on around the world. Buncle, good morning, Good morning, Cameron.

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Speaker 1: Boris Johnson could be housked it as Britain's Prime Minister.

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Speaker 1: He's facing an old confidence vote in his Conservative party

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Speaker 1: after he had rule breaking parties during the COVID lockdown.

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Speaker 1: Lawmakers in Washington say they're more hopeful than ever that

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Speaker 1: bipartisan negotiations on gun reform will finally get somewhere. Meanwhile,

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Speaker 1: there were several mash shootings over the weekend. The Warriors

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Speaker 1: even the NBA Finals in a game of peace after

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Speaker 1: beating the Celtics in Game three of the NHL East Final.

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Speaker 1: The Rangers lost to the Lightning three too. In baseball,

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Speaker 1: the Yankees and Mets one, the Red Sox beat the A's,

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Speaker 1: the Orioles lost the Nationals and Giants. One. Global News

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

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Speaker 1: Quick Take, powered by more than twenty seven hundred journalists

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Speaker 1: and analysts, are more than a hundred twenty countries. Michael

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Speaker 1: Barr And this is Bloomberg. Nathan, Okay, Michael. Thanks, It's

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

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Speaker 1: Brokers Studios. This is Bloomberg Daybreak. As we get ready

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Speaker 1: to kick off another trading week. We are joined this

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Speaker 1: morning for the hour by Dennis Gartman, chairman of the

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Speaker 1: University of acron Endowman Investment Committee, former publisher of the

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Speaker 1: Gartment Letter. Dennis, it's always great to speak with you.

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Speaker 1: We are seeing a rally for equities around the world

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Speaker 1: on China, dialing back some of its COVID restrictions. Does

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Speaker 1: that give you confidence in this market? Not particularly. I mean,

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Speaker 1: we are seeing some strength this morning. It's it's it's

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Speaker 1: the surprising to me, to be quite honest, and for

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Speaker 1: the first time in quite some period of time for

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Speaker 1: my own account, I actually went marginally and I mean

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Speaker 1: marginally net short on Friday. We'll see if that works

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Speaker 1: right now. I'm behind just a tad and I mean

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Speaker 1: just a tad and predicated upon the fact that China

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Speaker 1: is in fact, uh, reducing its restrictions, which is long overdue.

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Speaker 1: They should have done this quite some period of time ago.

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Speaker 1: So you're you're getting a rebound in stock prices around

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Speaker 1: the world predicated upon Chinese easing their restrictions. I think

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Speaker 1: it's a little overdone. We'll see right now. As I said,

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Speaker 1: I'm marginally net short, and I mean marginally, so so

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Speaker 1: let's let's see how that works. What makes you think

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Speaker 1: that it's overdone at this point? I mean, isn't that

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Speaker 1: the idea that China could be dialing back restrictions could

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Speaker 1: have some implications for the supply chain down the road. Well,

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Speaker 1: let's hope, uh, And obviously if I'm wrong that that

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Speaker 1: will be the reason why I'm wrong, Uh, there's clearly

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Speaker 1: the supply chain is doing a little bit better. To

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Speaker 1: look at the number of tankers that are in ships

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Speaker 1: that are outside the long Beach here in southern Regina,

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Speaker 1: the number of ships that are outside our our harbor

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Speaker 1: have been reduced. So the supply chain is. The problems

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Speaker 1: in coming in the supply chain that have been so

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Speaker 1: pervasive over the course of the past six seven, eight, nine,

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Speaker 1: ten months, a year and a half or so are

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Speaker 1: are being alleviated. And let us hope that and I

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Speaker 1: would hope that the lifting of restrictions in China would

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Speaker 1: be uh long term amenable to economic activity. We'll see.

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Speaker 1: Time shall tell, But as I said, I'm marginally that

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Speaker 1: shortened right now. I'm I'm to be quite honest, I'm

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Speaker 1: wrong for the day, all right. Well, we also got

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Speaker 1: some insight from Goldman Sacks strategist saying that they see

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Speaker 1: a narrow path for the FED to avoid a recession,

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Speaker 1: but while raising interest rates the narrow path for a

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Speaker 1: soft landing. What's your view on the impact of FED

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Speaker 1: tightening on this economy going forward. I think that's portant

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Speaker 1: to understand that we're gonna have at least three fifty

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Speaker 1: basis point increases. Um, the president of the Cleveland FAD,

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Speaker 1: who has been one of the most bariosh members of

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Speaker 1: the voting members of the f MC, said that she

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Speaker 1: expects to see fifty basis points through the September meeting. Uh,

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Speaker 1: we're there there. It's clear that they're tightening. But I

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Speaker 1: think what's far more raising the overnight said funds rate

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Speaker 1: is what they do to the balance sheet. We'll see

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Speaker 1: what On Friday. I think we get a report on

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Speaker 1: the size of the Fed's balance sheet. Again, we'll see

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Speaker 1: if they're allowing the balance sheet to run off. They

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Speaker 1: need to. The fact that they've taken the over the

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Speaker 1: balance sheet from what nine billion to nine trillion in

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Speaker 1: the course of the decade, that's to me, is far

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Speaker 1: more important than than than the level of interest rates

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Speaker 1: of the overnight said funds rate. We'll see if they're

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Speaker 1: allowing the the the balance sheet to run off. Hopefully

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Speaker 1: they are. They've got years that they have to accomplish

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Speaker 1: this task, and it's going to take a long period

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Speaker 1: of time. They're taking money out of the system that

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Speaker 1: had been flooding in the system for the past decade.

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Speaker 1: I think I think that's the major reason why stock

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Speaker 1: prices have been as strong as they have been for

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Speaker 1: the past several years. And the fact that they're taking

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Speaker 1: that fuel away, to me, is barious in the long

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Speaker 1: run for the for the stock market. So we'll see.

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Speaker 1: Time shall tell. So where are you looking for bond

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Speaker 1: fields to go? As the FED does start to unwind

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Speaker 1: the balance sheet, probably marginally higher. We might get the

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Speaker 1: ten year, which is what now on the ten year,

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Speaker 1: We might go to three fifty over the course of

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Speaker 1: the next two years or so. I doubt that we'll

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Speaker 1: go much beyond that. I think what's really more important

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Speaker 1: is what happens to the to the very short end

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Speaker 1: of the curve. We actually have fives above tens for

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Speaker 1: the first time. They're basically a parody. But the five

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Speaker 1: year for a couple of hours on Friday traded through

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Speaker 1: the ten year. We'll see if that inversion continues. Everybody's

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Speaker 1: watching twos versus tens. I watched five versus tens, and

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Speaker 1: the fact that the curve is inverted the tad is

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Speaker 1: to me that's important. Inverted heel curves are never beneficial,

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Speaker 1: always detrimental, always harbingers of recession, and I think that

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Speaker 1: we're going to get a a modest recession. I think

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Speaker 1: we're actually going to be in it by the third

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Speaker 1: quarter of this year. So we'll see time she'll tell again,

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Speaker 1: all right, Dennis Gartman with us for the full hour

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Speaker 1: here on Bloomberg Daybreak. We're gonna get more oots from Dennis,

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Speaker 1: especially on the path for inflation, uh as we look

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Speaker 1: ahead to the release of the May Consumer Price Index

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Speaker 1: coming out later on this week, actually on Friday, and

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Speaker 1: what that could mean potentially for federal reserve policy. So

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Speaker 1: looking forward to checking back in with Dennis Gartman, former

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Speaker 1: publisher of the Gartment Letter, now the chairman of the

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Speaker 1: University of Akron Endowment Investment Committee. As Bloomberg Daybreak continues

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Speaker 1: here on this Monday morning, where we're seeing futures on

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Speaker 1: the rise on China dialing back some of those COVID restrictions.

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Speaker 1: We have SMP futures right now up forty four points

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Speaker 1: again at one point one percent down futures up two

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Speaker 1: seventy one NASDAC futures leading the games this morning. They're

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Speaker 1: hired by a hundred seventy eight points. That is a

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Speaker 1: gain of one point four percent right now. The tenure.

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Speaker 1: Treasury is down seven thirty seconds, the yield two point

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Speaker 1: nine six percent and the yield on the two year

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Speaker 1: two point six eight percent. Just ahead, the Biden administration

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Speaker 1: opens the door to lifting some tariffs and more on

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Speaker 1: Goldman Sex idea of a narrow path to a soft landing.

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Speaker 1: Top stories of the morning. Just ahead on Bloomberg Daybreak,

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Speaker 1: Blomberg eleven three oh weather. Lots of sunshine to start

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Speaker 1: off the week with a high near eighty degrees that

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Speaker 1: will be partly sunny, upper seventies Tomorrow. Showers and storms

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Speaker 1: likely by Wednesday, with highs in the upper seventies. Currently

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Speaker 1: sixty four in Central Park. Broadcasting live from the Bloomberg

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Speaker 1: Interactive Broker's studio in New York. Bloomberg E living free

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Speaker 1: on to Washington, d C, Bloomberg ninety nine one to Boston,

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Speaker 1: Bloomberg one oh six one to San Francisco, Bloomberg nine

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Speaker 1: six to the Country, Sirius XM too one nine T

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Speaker 1: and around the globe the Bloomberg Business Act. In Bloomberg

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Speaker 1: Radio dot Com. This is Bloomberg Daybreak is five thirty

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Speaker 1: on Wall Street. Good Morning. I'm Nathan Hager, and I'm Karen, Moscow.

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

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Speaker 1: view West Trading. Let's get you up to date of

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Speaker 1: the news you need to know. At this hour, we're

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Speaker 1: seeing a lift in markets to begin a new trading week,

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Speaker 1: with a boost from Asia. Beijing is reopening further from

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Speaker 1: its COVID restrictions, raising stocks, and China Japanese equities are

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Speaker 1: raised earlier losses and tex shares rose in Hong Kong.

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Speaker 1: We're also watching oil rise this morning, Karen, Hovering around

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Speaker 1: a hundred twenty dollars of barrel as Saudi Arabia signals

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Speaker 1: confidence in demand for oil. Checking prices now, West Texas Intermediate,

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Speaker 1: it's up four tenths per cent, or fifty one cents

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Speaker 1: at a hundred nineteen dollars thirty eight cents of barrel.

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Speaker 1: Brent is up four tenths per cent at a hundred

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Speaker 1: one Alterning to Washington Now, President Biden's Commerce chief of

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Speaker 1: Gina Ramando says the administration is not willing to lift

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Speaker 1: all tariffs on imported steel and aluminum right now. We've

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Speaker 1: decided to keep some of those tariffs because we need

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Speaker 1: to protect American workers and we need to protect our

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Speaker 1: steel industry. That's a matter of national security. Commerce Secretary

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Speaker 1: Gina Ramando told CNN over the weekend that lifting tariffs

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Speaker 1: on other household goods may make sense to help ease

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Speaker 1: rising prices. Was the Fed aims to ease price hikes?

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Speaker 1: Karen Goldman Sachs says the US economy remains on a

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Speaker 1: narrow path to a soft landing. Let's get more on

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Speaker 1: that live from Bloomberg's We Need a Young. Good Morning, Nita,

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Speaker 1: Good morning. Nathan. Goldman says improving inflation numbers and other

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Speaker 1: factors suggests that the Fed may be able to pull

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Speaker 1: off its aggressive rate hike plan without tipping the country

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Speaker 1: into a recession. Economists there say sequential core inflation appears

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Speaker 1: to be slowing and supply chain pressures are improving. While

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Speaker 1: the deterioration and indicators like the first quarters GDP suggests

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Speaker 1: near term recession risk has increased, Goldman says other measures

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Speaker 1: show output is still expanding. Live in New York. I'm

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Speaker 1: Renita Young Bloomberg Daybreak. I re need to thank you

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Speaker 1: for at least a half a dozen central banks are

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00:22:46,400 --> 00:22:48,880
Speaker 1: expected to raise interest rates this week, and the European

431
00:22:48,920 --> 00:22:51,359
Speaker 1: Central Bank is expected to announce an end to bond

432
00:22:51,400 --> 00:22:54,639
Speaker 1: purchases and formally begin the countdown to an increase in

433
00:22:54,680 --> 00:22:58,440
Speaker 1: borrowing costs in July, saying in Europe, Karen Boris Johnson

434
00:22:58,520 --> 00:23:02,000
Speaker 1: faces a leadership vote today and his ruling Conservative party

435
00:23:02,040 --> 00:23:05,280
Speaker 1: that could remove him from office. It's unclear if there

436
00:23:05,359 --> 00:23:08,080
Speaker 1: is enough support though, to unseat the UK's Prime minister,

437
00:23:08,720 --> 00:23:11,440
Speaker 1: and futures are higher this morning. S and P futures

438
00:23:11,520 --> 00:23:14,720
Speaker 1: up forty two points down futures of two hundred fifty

439
00:23:14,840 --> 00:23:18,360
Speaker 1: eight NASDACK futures of one hundred seventy three ten year

440
00:23:18,440 --> 00:23:22,080
Speaker 1: treasury down six thirties seconds yield two point nine five percent.

441
00:23:22,119 --> 00:23:24,680
Speaker 1: They yield on the two year two point six eight percent.

442
00:23:25,119 --> 00:23:27,439
Speaker 1: Nine mag Screwed oil is up four tenths percent at

443
00:23:27,480 --> 00:23:30,359
Speaker 1: a hundred nineteen dollars thirty nine cents a barrel. Sure

444
00:23:30,400 --> 00:23:32,439
Speaker 1: to had your latest local headlines plus a check of

445
00:23:32,520 --> 00:23:39,800
Speaker 1: sports and this is Bloomberg. Thanks three on Wall Street,

446
00:23:39,840 --> 00:23:41,800
Speaker 1: sixty four degrees in Central Park, gotta crash in the

447
00:23:41,840 --> 00:23:44,560
Speaker 1: northbound van wake by Jamaica Avenue and Michael Barr has

448
00:23:44,560 --> 00:23:46,359
Speaker 1: more on what's going on in New York and around

449
00:23:46,400 --> 00:23:48,520
Speaker 1: the world. Michael, thank you very much. Nathan, and has

450
00:23:48,520 --> 00:23:50,879
Speaker 1: been a weekend of shootings in several states that have

451
00:23:51,119 --> 00:23:54,560
Speaker 1: left about a dozen people dead. One shooting in Philadelphia

452
00:23:54,600 --> 00:23:58,200
Speaker 1: left three dead and another elevant injured. Philadelphia Police Commissioner

453
00:23:58,280 --> 00:24:01,760
Speaker 1: Daniel Outlaw he's ensi us have an exponential effect on

454
00:24:01,800 --> 00:24:05,960
Speaker 1: our community, and it not only impacts the individual that's

455
00:24:05,960 --> 00:24:10,439
Speaker 1: been directly victimized, but it victimizes their loved ones, their families,

456
00:24:10,800 --> 00:24:14,399
Speaker 1: and their neighbors neighborhoods all over the world. Commission Or

457
00:24:14,440 --> 00:24:17,800
Speaker 1: outlaws as the suspect fled on foot. Meanwhile, there are

458
00:24:17,880 --> 00:24:21,440
Speaker 1: some reports that US Senators are inching towards some kind

459
00:24:21,480 --> 00:24:25,480
Speaker 1: of compromise and movement on gun safety, Bloomberg said. Baxter

460
00:24:25,560 --> 00:24:29,280
Speaker 1: reports a bipartisan group is working in Republican Pat Toomey

461
00:24:29,320 --> 00:24:32,439
Speaker 1: says background checks are on the table, at least for

462
00:24:32,480 --> 00:24:36,200
Speaker 1: commercial sales of firearms. There ought to be a background check,

463
00:24:36,280 --> 00:24:39,400
Speaker 1: so sales at gun shows, sales that are advertised over

464
00:24:39,440 --> 00:24:42,160
Speaker 1: the internet. To me has been working with Democrat Joe

465
00:24:42,160 --> 00:24:45,000
Speaker 1: Manchin for years on this, and Toomey on CBS has

466
00:24:45,040 --> 00:24:48,120
Speaker 1: heard here on Bloomberg says, the outcome of these talks

467
00:24:48,520 --> 00:24:52,000
Speaker 1: is still uncertain. We are still trying to figure out

468
00:24:52,000 --> 00:24:55,960
Speaker 1: exactly what mechanism is going to enable us to get

469
00:24:55,960 --> 00:24:58,000
Speaker 1: the boats that we would need. But he says closer

470
00:24:58,040 --> 00:25:01,560
Speaker 1: this time in San Francisco. I'm at Baxter Bloomberg Gabrae.

471
00:25:01,680 --> 00:25:05,360
Speaker 1: Primary elections in New Jersey and six other states tomorrow

472
00:25:05,400 --> 00:25:08,080
Speaker 1: will set the stage for US House and Senate battles

473
00:25:08,119 --> 00:25:13,120
Speaker 1: this fall. In New Jersey's GOP primary, Tom Malakowski one

474
00:25:13,200 --> 00:25:17,320
Speaker 1: by fewer than two percentage points in his district, has

475
00:25:17,400 --> 00:25:20,679
Speaker 1: become slightly more Republicans since new congressional district lines were

476
00:25:20,680 --> 00:25:25,000
Speaker 1: said last year. After North Korea test fired eight short

477
00:25:25,160 --> 00:25:29,640
Speaker 1: range ballistic missiles Sunday, the US launched a joint exercise

478
00:25:29,680 --> 00:25:32,639
Speaker 1: with South Korea and Japan to demonstrate their ability to

479
00:25:32,960 --> 00:25:37,160
Speaker 1: quickly respond. Today, the US military conducted what it called

480
00:25:37,359 --> 00:25:41,920
Speaker 1: a ballistic missile defense exercise, also firing eight missiles into

481
00:25:41,960 --> 00:25:44,879
Speaker 1: the Sea of Japan. Global News twenty four hours a

482
00:25:44,960 --> 00:25:47,840
Speaker 1: day on air and on Bloomberg Quick Tank, powered by

483
00:25:47,840 --> 00:25:51,199
Speaker 1: more than twenty seven journalists analysts more than twenty countries.

484
00:25:51,480 --> 00:25:59,240
Speaker 1: Michael bar this is Bloomberg, Nathan. Thank you. Michael. On

485
00:25:59,280 --> 00:26:01,440
Speaker 1: Wall Street, Time for the Bloomberg Sports Update with John

486
00:26:01,480 --> 00:26:04,000
Speaker 1: Sasha all Right. Nathan Rangers went to Tampa Bay having

487
00:26:04,000 --> 00:26:06,840
Speaker 1: won their last four playoff games six and the last seven,

488
00:26:06,840 --> 00:26:08,679
Speaker 1: and they had a lead in Game three. He had

489
00:26:08,720 --> 00:26:11,639
Speaker 1: another power play goal from Macon's Avanta Jaen. Shortly after that,

490
00:26:11,800 --> 00:26:14,320
Speaker 1: Chris Kryler, with a man advantage, put in the rebound

491
00:26:14,320 --> 00:26:16,600
Speaker 1: of his advantage as shop. But Tampa Bay got power

492
00:26:16,640 --> 00:26:19,640
Speaker 1: play goals from the Keith to Kudrow second period Stephen

493
00:26:19,680 --> 00:26:22,280
Speaker 1: stamp Coast in the third. The Lightning dominated the third period,

494
00:26:22,680 --> 00:26:24,800
Speaker 1: big edge in shots on goal, and they won three

495
00:26:24,800 --> 00:26:27,560
Speaker 1: to two on an Andre Polott goal of a nifty

496
00:26:27,600 --> 00:26:31,240
Speaker 1: pass from Kuptrop only forty two seconds remaining. Rangers still

497
00:26:31,280 --> 00:26:34,520
Speaker 1: made the series to one game four tomorrow. NBA Finals

498
00:26:34,520 --> 00:26:37,040
Speaker 1: now tied at one. Golden State Pe Boston one oh

499
00:26:37,160 --> 00:26:39,360
Speaker 1: seven to eighty eight outscore the Celtics of the third

500
00:26:39,440 --> 00:26:42,359
Speaker 1: quarter thirty five at four teen. Yankees going for a

501
00:26:42,440 --> 00:26:44,280
Speaker 1: sweep of the home stand back and fourth game with

502
00:26:44,359 --> 00:26:48,320
Speaker 1: the Tigers for four tenth any and swung on their

503
00:26:48,440 --> 00:26:51,720
Speaker 1: goals deep wet field. That's gonna win the game. Harold

504
00:26:51,760 --> 00:26:54,520
Speaker 1: Task go back and he made the catch on the

505
00:26:54,680 --> 00:26:59,560
Speaker 1: warning track, tagging his judge. He's scores full game over.

506
00:27:00,080 --> 00:27:02,520
Speaker 1: Yankees win an They've been doing a lot of that.

507
00:27:02,640 --> 00:27:05,520
Speaker 1: A Yankee record of thirty night and fifteen a third

508
00:27:05,520 --> 00:27:07,080
Speaker 1: of the way through the season. That's the best in

509
00:27:07,200 --> 00:27:10,400
Speaker 1: baseball since two thousand one. Mets also won five four

510
00:27:10,520 --> 00:27:13,920
Speaker 1: also intendating defter the Dodgers tied the game with two

511
00:27:14,000 --> 00:27:16,159
Speaker 1: in the bottom of the night thought Seth Lugo a J. D.

512
00:27:16,359 --> 00:27:18,840
Speaker 1: Davis double in the Tanta Let's get a split of

513
00:27:19,000 --> 00:27:20,760
Speaker 1: the four game series, and I have moved down to

514
00:27:20,840 --> 00:27:23,639
Speaker 1: San Diego now. When Pete Sampras retired from tennis, not

515
00:27:23,800 --> 00:27:25,640
Speaker 1: that long ago, he had the record for most Grand

516
00:27:25,640 --> 00:27:29,520
Speaker 1: Slams one with fourteen. Raphael and Dallas won fourteen French

517
00:27:29,640 --> 00:27:32,920
Speaker 1: Open twenty two slams straight sets to the final in Paris.

518
00:27:33,280 --> 00:27:36,400
Speaker 1: Billie Orshl won Memorial golfin Ohio by four shots. John

519
00:27:36,440 --> 00:27:39,840
Speaker 1: stash Ellard Bloomberg Sports, Thank you John. It's thirty seven

520
00:27:39,880 --> 00:27:42,399
Speaker 1: on Wall Street time for the tri State Business Report

521
00:27:42,440 --> 00:27:45,679
Speaker 1: with bloombergs ed Cory. According to Triple A, the average

522
00:27:45,680 --> 00:27:47,840
Speaker 1: price for a gallon of gas in New York State

523
00:27:48,200 --> 00:27:51,040
Speaker 1: is currently four dollars and eight cents a gallon. That's

524
00:27:51,080 --> 00:27:53,760
Speaker 1: down five cents from last week thanks to the suspension

525
00:27:53,840 --> 00:27:57,840
Speaker 1: of certain gas taxes. Last Wednesday, Hudson Piers on Yonker's

526
00:27:57,880 --> 00:28:00,680
Speaker 1: Waterfront could see its first residence with in two years.

527
00:28:00,920 --> 00:28:04,360
Speaker 1: Six buildings of four hundred departments in about forty thousands

528
00:28:04,400 --> 00:28:06,879
Speaker 1: of square feet of retail will fill in one of

529
00:28:06,920 --> 00:28:10,199
Speaker 1: the last gaps in the Yonkers skyline along the Hudson.

530
00:28:10,520 --> 00:28:13,240
Speaker 1: Construction began last month and the first two buildings as

531
00:28:13,280 --> 00:28:16,520
Speaker 1: part of Extel's five hundred eighty five million dollar development

532
00:28:16,720 --> 00:28:20,159
Speaker 1: offering list price for a home in some New Jersey communities.

533
00:28:20,280 --> 00:28:23,760
Speaker 1: Isn't enough homes in New Jersey in April, We're selling

534
00:28:23,840 --> 00:28:27,120
Speaker 1: statewide for one hundred four percent of asking price. According

535
00:28:27,160 --> 00:28:29,879
Speaker 1: to the most recent data from New Jersey realtors, in

536
00:28:30,000 --> 00:28:32,840
Speaker 1: April of twenty one, they were selling for one hundred

537
00:28:32,920 --> 00:28:36,040
Speaker 1: one percent of list price. In April twenty it was

538
00:28:36,640 --> 00:28:40,320
Speaker 1: eight percent. At your Bloomberg Try State Business Report, I'm

539
00:28:40,360 --> 00:28:44,040
Speaker 1: in Corey. Thank you edits on Wall Street. Bloomberg Radio

540
00:28:44,120 --> 00:28:46,120
Speaker 1: is on the air from San Francisco to New York,

541
00:28:46,240 --> 00:28:48,840
Speaker 1: London to Hong Kong. Let's check in with our global

542
00:28:48,920 --> 00:28:50,640
Speaker 1: news team for some of the top stories heard on

543
00:28:50,680 --> 00:28:57,120
Speaker 1: our three hundred affiliate radio stations around the world's Steve

544
00:28:57,240 --> 00:29:00,880
Speaker 1: Potas content ten Wins in New York, where about Goldman

545
00:29:00,960 --> 00:29:05,640
Speaker 1: Sachs economists spatting the economy could avoid a recession. On

546
00:29:05,720 --> 00:29:09,000
Speaker 1: the Cornetana how on ktr H in Houston, Americans are

547
00:29:09,080 --> 00:29:12,120
Speaker 1: worse to personnel than they were before the pandemic. Trying

548
00:29:12,200 --> 00:29:15,520
Speaker 1: Jinas Servetti in for double the BBM in Chicago. I'm

549
00:29:15,560 --> 00:29:18,240
Speaker 1: talking about a published report saying that one of grub

550
00:29:18,360 --> 00:29:21,280
Speaker 1: Hub's co founders was looking at buying back the Chicago

551
00:29:21,360 --> 00:29:25,000
Speaker 1: based food delivery company from Just Eat Takeaway. I'm Stephen

552
00:29:25,040 --> 00:29:27,640
Speaker 1: Carol on Bloomberg d a B Digital Radio in London.

553
00:29:27,720 --> 00:29:31,320
Speaker 1: We're reporting on the leadership challenge facing Boris Johnson. Conservative

554
00:29:31,360 --> 00:29:33,760
Speaker 1: vampes will vote Laser in a move which could topple

555
00:29:33,840 --> 00:29:37,600
Speaker 1: the Prime Minister. I'm Ed Corey on t AM in Cleveland.

556
00:29:37,760 --> 00:29:40,640
Speaker 1: I'm reporting signs and lighting for a new Shirtwin Williams

557
00:29:40,680 --> 00:29:44,360
Speaker 1: headquarters in downtown Cleveland have been approved and those are

558
00:29:44,440 --> 00:29:47,160
Speaker 1: some of the stories are twenty seven hundred Bloomberg journalists

559
00:29:47,200 --> 00:29:49,600
Speaker 1: and analysts are working on this morning around the world.

560
00:29:49,680 --> 00:29:52,480
Speaker 1: It's five thirty nine on Wall Street. The following is

561
00:29:52,520 --> 00:29:57,040
Speaker 1: an editorial from Bloomberg Opinion. Euro Area inflation searched to

562
00:29:57,200 --> 00:29:59,640
Speaker 1: eight point one percent in the year to May, once

563
00:29:59,680 --> 00:30:03,000
Speaker 1: again higher than expected. But despite signs that inflation is

564
00:30:03,040 --> 00:30:06,960
Speaker 1: getting entrenched, the European Central Bank has chosen to stand pat.

565
00:30:07,280 --> 00:30:10,320
Speaker 1: It hasn't yet raised its policy interest rate, which stands

566
00:30:10,440 --> 00:30:14,040
Speaker 1: at minus zero point five percent, and its signaling suggests

567
00:30:14,120 --> 00:30:16,560
Speaker 1: the first increase will be just a quarter of a point,

568
00:30:16,800 --> 00:30:20,200
Speaker 1: coming in the latter half of July. With inflation above

569
00:30:20,280 --> 00:30:23,160
Speaker 1: eight percent, a policy rate that's less than zero in

570
00:30:23,280 --> 00:30:28,280
Speaker 1: nominal terms maintains an extraordinarily reckless level of extra demand.

571
00:30:29,000 --> 00:30:31,720
Speaker 1: Too much stimulus applied for too long adds to the

572
00:30:31,880 --> 00:30:35,760
Speaker 1: danger of a violent correction later. The ECB's caution until

573
00:30:35,880 --> 00:30:39,640
Speaker 1: now has been understandable, but the balance of risk has shifted.

574
00:30:39,840 --> 00:30:43,600
Speaker 1: The Central Bank should start a deliberate effort to normalize policy,

575
00:30:43,960 --> 00:30:47,200
Speaker 1: beginning with an increase of fifty basis points this week,

576
00:30:47,560 --> 00:30:50,600
Speaker 1: not next month. This editorial was written by the Bloomberg

577
00:30:50,640 --> 00:30:54,120
Speaker 1: Opinion Editorial Board. I'm David Shipley. For more Bloomberg Opinion,

578
00:30:54,160 --> 00:30:57,240
Speaker 1: please go to Bloomberg dot com, slash Opinion or opang

579
00:30:57,840 --> 00:31:01,360
Speaker 1: on the Bloomberg terminal this has been Bloomberg Opinion. You

580
00:31:01,400 --> 00:31:04,440
Speaker 1: can hear Bloomberg opinion editorials every weekday at this time.

581
00:31:04,600 --> 00:31:07,640
Speaker 1: Terminal customers can read more at O P I N go.

582
00:31:08,320 --> 00:31:10,680
Speaker 1: Right now, SMP futures are higher by thirty eight points.

583
00:31:10,680 --> 00:31:14,240
Speaker 1: Stuff futures up two, NASTACT futures up a hundred fifty

584
00:31:14,320 --> 00:31:19,640
Speaker 1: seven points. Tang your treasury yield two. This is Bloomberg

585
00:31:22,680 --> 00:31:25,040
Speaker 1: Bloomberg eleven three oh weather. Sunshine to start the week.

586
00:31:25,200 --> 00:31:28,280
Speaker 1: High your eighty degrees today, partly sunny, upper seventies Tomorrow,

587
00:31:28,600 --> 00:31:30,800
Speaker 1: some showers and storms for Wednesday, with highs in the

588
00:31:30,880 --> 00:31:37,760
Speaker 1: upper seventies. Currently sixty four degrees in Central Park markets.

589
00:31:37,880 --> 00:31:40,920
Speaker 1: Headlines and breaking news twenty four hours a day at

590
00:31:40,960 --> 00:31:44,360
Speaker 1: Bloomberg dot Com, the Bloomberg Business at and at Bloomberg

591
00:31:44,440 --> 00:31:54,200
Speaker 1: Quick Tape. He's a Bloomberg Business Flash and I'm Karen Moscow.

592
00:31:54,280 --> 00:31:56,840
Speaker 1: This update brought to you by Informatica. In the Cloud,

593
00:31:56,920 --> 00:31:59,520
Speaker 1: your data has the power to do the extraordinary. Managed

594
00:31:59,600 --> 00:32:02,040
Speaker 1: data cross any location in the cloud for accurate and

595
00:32:02,120 --> 00:32:06,080
Speaker 1: actionable insights. More in Informatica dot Com. Stocks in Europe

596
00:32:06,080 --> 00:32:08,800
Speaker 1: are gaining along with US stock index futures as Beijing

597
00:32:08,920 --> 00:32:12,560
Speaker 1: further eases COVID restrictions. Check the markets every fifteen minutes

598
00:32:12,560 --> 00:32:15,080
Speaker 1: throughout the trading day. On Bloomberg s and P Future

599
00:32:15,120 --> 00:32:17,440
Speaker 1: is up thirty nine points. Now Future is up two

600
00:32:17,520 --> 00:32:20,240
Speaker 1: hundred thirty seven and NASDAG futures have a hundred fifty

601
00:32:20,320 --> 00:32:23,280
Speaker 1: seven The decks in Germany's up nine tenths of upper cent.

602
00:32:23,400 --> 00:32:25,880
Speaker 1: Ten year treasury down six thirties seconds, held two point

603
00:32:25,960 --> 00:32:28,320
Speaker 1: nine five percent yield on the two year two point

604
00:32:28,360 --> 00:32:31,680
Speaker 1: six seven percent. Comex screwed oil is up seven tenths

605
00:32:31,720 --> 00:32:33,640
Speaker 1: per cent or eighty four cents at a hundred nineteen

606
00:32:33,640 --> 00:32:36,400
Speaker 1: dollars seventy two cents a barrel. Comex fold up three

607
00:32:36,440 --> 00:32:38,560
Speaker 1: tenths per cent or five dollars twenty cents at eighteen

608
00:32:38,600 --> 00:32:41,520
Speaker 1: fifty five fifty announced. The euro one point oh seven

609
00:32:41,600 --> 00:32:43,760
Speaker 1: four three against the dollar, British found one point to

610
00:32:43,920 --> 00:32:47,040
Speaker 1: five six one and again one thirty point six nine.

611
00:32:47,440 --> 00:32:50,680
Speaker 1: Bitcoin this morning is higher, up almost five percent at

612
00:32:50,720 --> 00:32:53,920
Speaker 1: thirty one thousand, three hundred ninety dollars as of Bloomberg

613
00:32:53,960 --> 00:32:56,320
Speaker 1: Business Flash. Now Here's Michael Barr with more on what's

614
00:32:56,360 --> 00:32:59,160
Speaker 1: going on around the world. Michael Karen, thank you very

615
00:32:59,240 --> 00:33:01,720
Speaker 1: much it possible to earning point on gun control. After

616
00:33:01,840 --> 00:33:05,080
Speaker 1: a weekend of mass shootings, US lawmakers say they're more

617
00:33:05,200 --> 00:33:09,480
Speaker 1: hopeful than ever that bipartisan negotiations will finally get somewhere.

618
00:33:09,960 --> 00:33:12,640
Speaker 1: Boris Johnson could be housked to deny it. As Britain

619
00:33:12,680 --> 00:33:15,480
Speaker 1: sprime Minister, he's facing an ok confidence vote in his

620
00:33:15,560 --> 00:33:20,480
Speaker 1: Conservative party after revelations he broke COVID lockdown rules. The

621
00:33:20,560 --> 00:33:23,160
Speaker 1: Warriors even the NBA Finals at the Game of Peace.

622
00:33:23,200 --> 00:33:26,000
Speaker 1: After beating the Celtics in Game three of the NHL

623
00:33:26,040 --> 00:33:28,960
Speaker 1: East Final, the Rangeers lost to the Lightning three too.

624
00:33:29,360 --> 00:33:32,160
Speaker 1: In baseball, the Yankees and Mets one. The Red Sox

625
00:33:32,240 --> 00:33:35,760
Speaker 1: beat the A's, the Orioles lost, the Nationals and Giants won.

626
00:33:36,240 --> 00:33:38,480
Speaker 1: Global News twenty four hours a day on air and

627
00:33:38,760 --> 00:33:41,560
Speaker 1: on Bloomberg Quick Take, powered by more than twenty seven

628
00:33:41,640 --> 00:33:44,080
Speaker 1: hundred journalists and analyists more than a hundred twenty countries.

629
00:33:44,280 --> 00:33:47,240
Speaker 1: I'm Michael Bart. This is Bloomberg. Nathan Okay, Michael, thank you.

630
00:33:47,320 --> 00:33:49,480
Speaker 1: It's just about five forty nine on Wall Street Live

631
00:33:49,560 --> 00:33:52,840
Speaker 1: from the Bloomberg Interactor Broker Studios. This is Bloomberg Daybreak

632
00:33:52,920 --> 00:33:55,040
Speaker 1: and Dennis Gartman is back with us now chairman of

633
00:33:55,040 --> 00:33:58,480
Speaker 1: the University of acron Endowment Investment Committee and former publisher

634
00:33:58,600 --> 00:34:01,640
Speaker 1: of the Gartment letter Dennet's. When we spoke the last

635
00:34:01,720 --> 00:34:04,560
Speaker 1: half hour, you said that you feel that the gains

636
00:34:04,600 --> 00:34:08,359
Speaker 1: we're seeing inequities this morning may be overdone for those

637
00:34:08,440 --> 00:34:11,920
Speaker 1: listeners who may have just joined us. Can you explain why. Well,

638
00:34:11,960 --> 00:34:14,279
Speaker 1: I think that we've seen a good from the lows.

639
00:34:14,320 --> 00:34:16,480
Speaker 1: A couple of weeks ago we had I hate to

640
00:34:16,520 --> 00:34:18,799
Speaker 1: bring up a rival, but the CNN Fair and Green

641
00:34:18,840 --> 00:34:22,280
Speaker 1: Index got to six, which historically you get a bounce

642
00:34:22,400 --> 00:34:24,920
Speaker 1: from from the markets. When when you get that egregiously

643
00:34:25,040 --> 00:34:28,000
Speaker 1: oversold and we're just bouncing, I think this is a

644
00:34:28,080 --> 00:34:30,680
Speaker 1: bear market. I think the bear market began January five

645
00:34:30,880 --> 00:34:33,759
Speaker 1: this year. Uh, and I think that market's going to

646
00:34:33,840 --> 00:34:35,399
Speaker 1: last for question a period of time. I think we're

647
00:34:35,400 --> 00:34:38,200
Speaker 1: just getting a nice bear market bounce and nothing more

648
00:34:38,280 --> 00:34:41,560
Speaker 1: than that. Perhaps I'm a bit early. Uh well, we'll see.

649
00:34:41,640 --> 00:34:43,640
Speaker 1: Time shall tell. But as I said earlier this morning,

650
00:34:44,080 --> 00:34:46,880
Speaker 1: I went marginally net short from my own account on Friday,

651
00:34:47,040 --> 00:34:50,880
Speaker 1: and I mean just three or four percent of my position.

652
00:34:51,000 --> 00:34:53,640
Speaker 1: So that's that's a marginal position to be taken at

653
00:34:53,680 --> 00:34:56,600
Speaker 1: this point, but I think it's just a regular come

654
00:34:56,680 --> 00:35:00,200
Speaker 1: as you are bear market bounced, nothing more than then,

655
00:35:00,200 --> 00:35:02,560
Speaker 1: and I don't think it's very long. We'll see. Time

656
00:35:02,600 --> 00:35:06,560
Speaker 1: shall tell. We have more inflation data coming out later

657
00:35:06,680 --> 00:35:09,120
Speaker 1: on this week. The Consumer Price Index for the month

658
00:35:09,160 --> 00:35:11,680
Speaker 1: of May is due out on Friday. What is your

659
00:35:11,719 --> 00:35:14,600
Speaker 1: expectation there? Could we see signs of peak inflation in

660
00:35:14,680 --> 00:35:17,920
Speaker 1: that print? It is very possible. Take a look at

661
00:35:17,920 --> 00:35:19,680
Speaker 1: what's going on in the grain markets. The grains has

662
00:35:19,719 --> 00:35:21,600
Speaker 1: been very bullish going from the lower left to the

663
00:35:21,640 --> 00:35:24,960
Speaker 1: upper right, because of delayed and delayed planting prospects and

664
00:35:25,040 --> 00:35:27,799
Speaker 1: because of the problems incumbent with the inability to get

665
00:35:27,880 --> 00:35:30,640
Speaker 1: the grain out of Ukraine and out of Russia. But

666
00:35:30,760 --> 00:35:33,160
Speaker 1: I think what we're seeing that the grain market has

667
00:35:33,200 --> 00:35:37,279
Speaker 1: turned from being overly bullish to being manifestly barished at

668
00:35:37,320 --> 00:35:39,400
Speaker 1: this point. The crops are getting here, being put on

669
00:35:39,480 --> 00:35:42,080
Speaker 1: the ground relatively quickly here in the United States, and

670
00:35:42,120 --> 00:35:45,880
Speaker 1: are growing very well. Same same circumstance in Canada. So

671
00:35:45,960 --> 00:35:48,280
Speaker 1: I think we're seeing a turnaround in the grain markets.

672
00:35:49,080 --> 00:35:51,319
Speaker 1: Gold doesn't seem to want to rally much anymore. I'm

673
00:35:51,360 --> 00:35:53,600
Speaker 1: still bullish of the gold market, but it does put

674
00:35:53,719 --> 00:35:56,800
Speaker 1: together much of a sustained rally, and we'll see today

675
00:35:56,920 --> 00:35:58,480
Speaker 1: is going to be I think a very important day

676
00:35:58,480 --> 00:36:01,200
Speaker 1: in crude oil because we traded the the nearby futures

677
00:36:01,760 --> 00:36:04,000
Speaker 1: w T I above one twenty were just barely holding

678
00:36:04,040 --> 00:36:06,040
Speaker 1: above one twenty right now, And if crude oil were

679
00:36:06,080 --> 00:36:08,239
Speaker 1: to close lower on the day to day, that would

680
00:36:08,280 --> 00:36:10,279
Speaker 1: be very interesting to me. I think it would be

681
00:36:10,280 --> 00:36:13,920
Speaker 1: a telltale sign that perhaps perhaps the operative word here

682
00:36:14,000 --> 00:36:17,440
Speaker 1: is perhaps inflation. We made the worst numbers in inflation

683
00:36:17,520 --> 00:36:19,759
Speaker 1: for for a period of time. Time shall tell. We'll see,

684
00:36:19,840 --> 00:36:21,840
Speaker 1: but keep them to keep an eye today on what

685
00:36:21,960 --> 00:36:23,480
Speaker 1: goes on in the crude oil market. But the grain

686
00:36:23,520 --> 00:36:26,520
Speaker 1: markets have turned from being manifestly bullish to being I

687
00:36:26,600 --> 00:36:30,040
Speaker 1: think overtly bearish, and even live stock prices have turned down,

688
00:36:30,120 --> 00:36:32,960
Speaker 1: So keep an eye on those things. I think inflation

689
00:36:33,239 --> 00:36:37,279
Speaker 1: inflationary problems are probably let's let's hope our well behind us.

690
00:36:37,719 --> 00:36:39,520
Speaker 1: In our last half hour, you mentioned that you think

691
00:36:39,560 --> 00:36:41,759
Speaker 1: the FED is going to continue with fifty basis point

692
00:36:41,800 --> 00:36:44,200
Speaker 1: great hikes at least the next three meetings. If we

693
00:36:44,280 --> 00:36:47,960
Speaker 1: do start to see some moderation in commodities prices, does

694
00:36:48,000 --> 00:36:50,160
Speaker 1: that affect the Fed's path. In the months to come,

695
00:36:51,120 --> 00:36:54,279
Speaker 1: we'll see they're still gonna there's still a group within

696
00:36:54,360 --> 00:36:57,520
Speaker 1: the FOMC that believes in the transitory nature of inflation.

697
00:36:57,560 --> 00:37:00,160
Speaker 1: We'll see if that. But right now, given us act

698
00:37:00,239 --> 00:37:03,320
Speaker 1: that Miss Smiths are the the the president of the

699
00:37:04,080 --> 00:37:06,839
Speaker 1: Cleveland head announced on Friday that she sees at least

700
00:37:06,880 --> 00:37:09,319
Speaker 1: three more raises of the overnight said funds rate by

701
00:37:09,360 --> 00:37:12,200
Speaker 1: fifty basis points each. I think that that's the telltale

702
00:37:12,239 --> 00:37:14,480
Speaker 1: sign we're going to take the overnight said funds rate

703
00:37:14,520 --> 00:37:17,800
Speaker 1: another hundred fifty points higher before they have a rethink

704
00:37:17,880 --> 00:37:19,680
Speaker 1: of that circumstances. Keep an eye on what goes on

705
00:37:19,800 --> 00:37:22,040
Speaker 1: on the balance sheet. To me, that's more important than

706
00:37:22,080 --> 00:37:24,399
Speaker 1: the overnight said funds rate, and we'll get an idea

707
00:37:24,440 --> 00:37:25,920
Speaker 1: what the what the FED is doing to the balance

708
00:37:25,920 --> 00:37:28,719
Speaker 1: sheet when they report that number on Friday afternoon. Just

709
00:37:28,800 --> 00:37:31,279
Speaker 1: about thirty seconds left here, Dennis, what's your read on

710
00:37:31,360 --> 00:37:33,920
Speaker 1: whether the FED can pull off a soft landing Goldman

711
00:37:34,000 --> 00:37:38,080
Speaker 1: Sachs as it sees a narrow path. I think Golden

712
00:37:38,120 --> 00:37:40,000
Speaker 1: Sacks is wiser than I am. The FED has had

713
00:37:40,000 --> 00:37:42,560
Speaker 1: a problem in the past trying to land an air

714
00:37:42,640 --> 00:37:46,360
Speaker 1: the aircraft carrier, land, the the the the economy on

715
00:37:46,440 --> 00:37:51,200
Speaker 1: the aircraft carrier of economic circumstances, getting a getting a

716
00:37:51,280 --> 00:37:53,719
Speaker 1: soft landing is always difficult. I have my doubts as

717
00:37:53,719 --> 00:37:57,000
Speaker 1: store be accomplished. As always, Dennis grates to have you

718
00:37:57,080 --> 00:37:59,080
Speaker 1: on with us. Thanks for being here. Dennis Gartman, the

719
00:37:59,160 --> 00:38:01,800
Speaker 1: former publisher of the Gartment Letter, now the chairman of

720
00:38:01,880 --> 00:38:05,800
Speaker 1: the University of Acrid Endowment Investment Committee. Karen Ray Nathan,

721
00:38:05,840 --> 00:38:08,440
Speaker 1: thank you at five three on Wall Street time for

722
00:38:08,480 --> 00:38:12,960
Speaker 1: the Bloomberg Law Report, brought to you by American Arbitration Association.

723
00:38:13,040 --> 00:38:17,560
Speaker 1: Business disputes are inevitable, resolve faster with the American Arbitration Association,

724
00:38:17,640 --> 00:38:21,080
Speaker 1: the global leader and alternative dispute resolution for over ninety years.

725
00:38:21,200 --> 00:38:23,640
Speaker 1: More at a d R dot org. We get to

726
00:38:23,680 --> 00:38:27,320
Speaker 1: the illegal stories we're watching this morning from Bloomberg's Jeff Bellinger.

727
00:38:30,600 --> 00:38:32,680
Speaker 1: The e p A sent limits on the amount of

728
00:38:32,800 --> 00:38:36,360
Speaker 1: five solvents that workers can inhale before they start facing

729
00:38:36,440 --> 00:38:39,520
Speaker 1: health risks to federal appeals courts rule that irks You're

730
00:38:39,560 --> 00:38:43,080
Speaker 1: half away. Nationwide mutual and Greater New York insurance companies

731
00:38:43,200 --> 00:38:46,800
Speaker 1: do not have to cover businesses pandemic related losses because

732
00:38:46,920 --> 00:38:50,040
Speaker 1: there was no property damage. The Occupational Safety and Health

733
00:38:50,080 --> 00:38:52,960
Speaker 1: Administration is proposing more than half a million dollars in

734
00:38:53,080 --> 00:38:57,800
Speaker 1: combining penalties against Dollar General. OSHA says inspectors found blocked

735
00:38:57,840 --> 00:39:01,480
Speaker 1: exits at stores in Ohio and was Wisconsin. Bloomberg Law

736
00:39:01,840 --> 00:39:06,000
Speaker 1: everything you need, all on one legal research platform, including

737
00:39:06,080 --> 00:39:10,359
Speaker 1: guidance analysis and Bloomberg Market Intelligence. Find out more at

738
00:39:10,360 --> 00:39:13,799
Speaker 1: Bloomberg Law dot com. All right, Jeff, thank you. Now

739
00:39:13,840 --> 00:39:16,480
Speaker 1: another legal story we're watching. The Supreme Court is heading

740
00:39:16,520 --> 00:39:18,759
Speaker 1: into the home stretch of the term with more than

741
00:39:18,920 --> 00:39:22,760
Speaker 1: half of its work incomplete and blockbuster opinions on abortion

742
00:39:22,840 --> 00:39:26,239
Speaker 1: and gun rights coming, as well as decisions on immigration

743
00:39:26,360 --> 00:39:29,680
Speaker 1: and religious rights. This backlog of cases is the biggest

744
00:39:29,760 --> 00:39:32,600
Speaker 1: in percentage term since at least nineteen fifty, according to

745
00:39:33,360 --> 00:39:38,799
Speaker 1: emperiodical Scotus dot com founder Adam Feldman. It comes as

746
00:39:38,840 --> 00:39:40,880
Speaker 1: the justices and their law clerks are dealing with an

747
00:39:40,920 --> 00:39:43,919
Speaker 1: investigation at the leak of a draft opinion over turning

748
00:39:44,000 --> 00:39:47,040
Speaker 1: Roe v. Wade abortion rights ruling. For more, Bloomberg's June

749
00:39:47,040 --> 00:39:50,840
Speaker 1: Grosso speaks to Kimberly Strawbridge Robinson Bloomberg the Law Supreme

750
00:39:50,880 --> 00:39:55,400
Speaker 1: Court reporter Kimberly. At this point, the Justices have thirty

751
00:39:55,520 --> 00:39:59,759
Speaker 1: three decisions outstanding. That's more than they've issued this whole term.

752
00:40:00,280 --> 00:40:03,480
Speaker 1: Is this unusual, Well, it is, and it isn't. So

753
00:40:03,800 --> 00:40:07,359
Speaker 1: it's not unusual for the Court to kind of backload.

754
00:40:07,520 --> 00:40:10,120
Speaker 1: It's worked with opinions, you know, that makes a lot

755
00:40:10,160 --> 00:40:12,640
Speaker 1: of sense. In the beginning of the term, the justices

756
00:40:12,680 --> 00:40:15,440
Speaker 1: are also hearing oral arguments in cases. There's a lot

757
00:40:15,520 --> 00:40:19,200
Speaker 1: of prep for those arguments to happen, and then they

758
00:40:19,239 --> 00:40:22,440
Speaker 1: stopped doing that around April and focused totally on opinions.

759
00:40:22,440 --> 00:40:24,080
Speaker 1: So we do tend to get a lot of the

760
00:40:24,160 --> 00:40:27,319
Speaker 1: opinions in June, specifically as the Court tries to hit

761
00:40:27,400 --> 00:40:30,120
Speaker 1: this kind of informal deadline at the end of June

762
00:40:30,239 --> 00:40:33,360
Speaker 1: to knock out all of its opinions. But it's unusual

763
00:40:33,480 --> 00:40:36,200
Speaker 1: in the sense to have so many. We could see

764
00:40:36,239 --> 00:40:39,719
Speaker 1: the Supreme Court was already working pretty slowly before we

765
00:40:39,880 --> 00:40:43,560
Speaker 1: got that unprecedented leak of an abortion ruling, but since

766
00:40:43,640 --> 00:40:45,640
Speaker 1: then it's been going even more slowly. So it is

767
00:40:45,800 --> 00:40:48,840
Speaker 1: unusual to have thirty three cases left for the Justices

768
00:40:48,920 --> 00:40:50,799
Speaker 1: to get out, and it is a pretty heavy list.

769
00:40:51,000 --> 00:40:53,480
Speaker 1: Maybe we won't be hitting that informal deadline this year.

770
00:40:53,920 --> 00:40:57,040
Speaker 1: Since the majority opinions are sort of spread out evenly

771
00:40:57,080 --> 00:41:02,040
Speaker 1: among the justices, Supreme Court watchers watch which justice has

772
00:41:02,080 --> 00:41:05,960
Speaker 1: written opinions and how many to determine who's left. So

773
00:41:06,239 --> 00:41:08,440
Speaker 1: what have you found out? Right? This is one of

774
00:41:08,480 --> 00:41:11,120
Speaker 1: those things that we're forced to do because you know,

775
00:41:11,200 --> 00:41:15,399
Speaker 1: it's such a secretive institution, the League notwithstanding. But yeah,

776
00:41:15,520 --> 00:41:19,000
Speaker 1: so typically we see justices trying to even out the opinions,

777
00:41:19,040 --> 00:41:21,560
Speaker 1: spread them across each of the argument sittings, and so

778
00:41:21,760 --> 00:41:24,120
Speaker 1: we can kind of get an idea of who we're

779
00:41:24,160 --> 00:41:27,560
Speaker 1: expecting the most opinions from. Right now to Justice Roberts

780
00:41:27,600 --> 00:41:30,479
Speaker 1: and Kagan have written the most opinions. They've written four

781
00:41:30,680 --> 00:41:32,719
Speaker 1: of the six or seven that we expect to see.

782
00:41:33,160 --> 00:41:34,839
Speaker 1: But some of the other justices have a lot more

783
00:41:34,920 --> 00:41:38,319
Speaker 1: work to do. Thomas Alito, Kavanaugh, you know, they've only

784
00:41:38,400 --> 00:41:40,960
Speaker 1: written too so they're not even halfway done with their work.

785
00:41:41,120 --> 00:41:43,239
Speaker 1: Of course, we know Justice Alito from that league is

786
00:41:43,320 --> 00:41:46,839
Speaker 1: probably writing ski majority opinion in that big abortion case.

787
00:41:47,120 --> 00:41:49,359
Speaker 1: But who's writing what else? We'll get a better clue

788
00:41:49,400 --> 00:41:51,080
Speaker 1: as more opinions kind of trickle in and we can

789
00:41:51,120 --> 00:41:55,360
Speaker 1: play this process of elimination and as Kimberly Strawbridge Robinson

790
00:41:55,560 --> 00:41:59,120
Speaker 1: Bloomberg lost Supreme Court reporters speaking at the Bloomberg June Grasso.

791
00:41:59,239 --> 00:42:02,120
Speaker 1: Catch more of that interview, plus analysis of the latest

792
00:42:02,239 --> 00:42:05,040
Speaker 1: legal news, by subscribing to the Bloomberg Law Podcast or

793
00:42:05,080 --> 00:42:08,720
Speaker 1: downloading the show at Bloomberg dot com slash podcast. Attorneys

794
00:42:08,719 --> 00:42:11,359
Speaker 1: can find exceptional legal research and business development tools at

795
00:42:11,360 --> 00:42:14,359
Speaker 1: Bloomberg Law dot com and on the Bloomberg terminal at

796
00:42:14,400 --> 00:42:18,320
Speaker 1: b law Go. Futures this morning are on the rise.

797
00:42:18,560 --> 00:42:21,600
Speaker 1: SNP futures or of forty points down futures of two

798
00:42:21,640 --> 00:42:24,520
Speaker 1: hundred forty six and now as DAK futures have one

799
00:42:25,040 --> 00:42:28,560
Speaker 1: fifties seven ten year treasury down seven thirty seconds, yield

800
00:42:28,560 --> 00:42:30,840
Speaker 1: two point nine six percent, and they yield on the

801
00:42:30,960 --> 00:42:35,799
Speaker 1: two year two point six eight percent. The euro one

802
00:42:35,840 --> 00:42:38,720
Speaker 1: point oh seven four two against the dollar still ahead

803
00:42:38,719 --> 00:42:41,480
Speaker 1: on Bloomberg Daybreak and checked on the business headlines and

804
00:42:41,560 --> 00:42:44,239
Speaker 1: all the news you need to start your day. And

805
00:42:44,520 --> 00:42:45,880
Speaker 1: this is Bloomberg