1 00:00:02,759 --> 00:00:05,360 Speaker 1: Live from the Bloomberg into Raptor Burger Studios, as is 2 00:00:05,400 --> 00:00:09,800 Speaker 1: Bloomberg day Break for Thursday, February two. Coming up this hour, 3 00:00:10,160 --> 00:00:14,480 Speaker 1: Disney shares surge as earnings blow past testivals. Credit Street 4 00:00:14,520 --> 00:00:17,640 Speaker 1: slumps after posting its biggest quarterly loss in four years. 5 00:00:17,960 --> 00:00:20,880 Speaker 1: Wall Street braces for the latest reading on hot inflation 6 00:00:21,320 --> 00:00:24,079 Speaker 1: and economists. Susan Collins becomes the first black woman to 7 00:00:24,120 --> 00:00:27,200 Speaker 1: head a federal reserve bank. The d o J investigates 8 00:00:27,240 --> 00:00:30,360 Speaker 1: Donald Trump's handling of White House records plus the easing 9 00:00:30,400 --> 00:00:33,640 Speaker 1: of mass requirements in the Tri State area. Michael laugh 10 00:00:33,840 --> 00:00:36,879 Speaker 1: More Ahead, I'm John Stashteller. Upset wins for Seaton Hall 11 00:00:36,960 --> 00:00:40,440 Speaker 1: and Rodgers, the Islanders one and Nathan Shannon Chloe Kim 12 00:00:40,560 --> 00:00:46,200 Speaker 1: won Olympic gold medal. That's All's tread ahead on Bloomberg 13 00:00:46,280 --> 00:00:51,360 Speaker 1: Daybreak on Bloomberg eleven three on New York, Bloomberg one, Washington, 14 00:00:51,479 --> 00:00:55,080 Speaker 1: d C, Bloomberg one oh six one, Boston, Bloomberg nine 15 00:00:55,120 --> 00:00:58,960 Speaker 1: sixties and Francisco Sirius x M one nine team and 16 00:00:59,040 --> 00:01:01,800 Speaker 1: around the world on Bloomberg Radio dot Com. I'm and 17 00:01:01,920 --> 00:01:14,080 Speaker 1: via the Bloomberg business Side. Good morning, I'm Nathan Hager 18 00:01:14,600 --> 00:01:18,360 Speaker 1: and I'm Karen Moscow and SMP futures are lower this morning. 19 00:01:18,400 --> 00:01:20,080 Speaker 1: We are coming up to five on one on Wall Street, 20 00:01:20,080 --> 00:01:22,120 Speaker 1: and we checked the markets every fifteen minutes throughout the 21 00:01:22,120 --> 00:01:24,959 Speaker 1: trading day. On Bloomberg. Right now, SND futures are down 22 00:01:24,959 --> 00:01:28,760 Speaker 1: about eleven points. DAL futures are little changed. In nasday 23 00:01:28,840 --> 00:01:31,480 Speaker 1: futures down fifty four The decks in Germany's up a 24 00:01:31,480 --> 00:01:34,200 Speaker 1: tenth of uppercent ten year treasury that will change the 25 00:01:34,280 --> 00:01:36,560 Speaker 1: yield one point nine three percent, and they yield on 26 00:01:36,600 --> 00:01:39,440 Speaker 1: the two year one point three five percent. Nine Max 27 00:01:39,480 --> 00:01:41,920 Speaker 1: Screwede oil is up a quarter percent, or twenty four 28 00:01:41,959 --> 00:01:44,560 Speaker 1: cents at eighty nine ninety cents of barrel, and the 29 00:01:44,640 --> 00:01:48,600 Speaker 1: euro one point one four four four against the dollar. Nathan, Well, Karen, 30 00:01:48,640 --> 00:01:51,280 Speaker 1: we begin this morning with earnings and a huge surge 31 00:01:51,400 --> 00:01:53,760 Speaker 1: in Disney shares. Right now, they're up more than seven 32 00:01:53,760 --> 00:01:56,480 Speaker 1: and a half percent in early trading, the world's largest 33 00:01:56,560 --> 00:02:00,680 Speaker 1: entertainment company reported first quarter sales, earnings, and streaming subscriber 34 00:02:00,720 --> 00:02:04,280 Speaker 1: growth that all beat estimates. We spoke with Disney CEO 35 00:02:04,400 --> 00:02:07,800 Speaker 1: Bob cha Peck after the results. We're full of optimism. 36 00:02:07,840 --> 00:02:10,120 Speaker 1: We think that we've got a lot of energy and momentum. 37 00:02:10,360 --> 00:02:12,959 Speaker 1: We've got a vision for the future, a vision where 38 00:02:13,000 --> 00:02:16,560 Speaker 1: we're going to appeal directly to our audience U using 39 00:02:16,600 --> 00:02:20,400 Speaker 1: technology and great storytelling. And uh, we really think that 40 00:02:20,480 --> 00:02:23,000 Speaker 1: it's going to be a more exciting next one years 41 00:02:23,160 --> 00:02:26,440 Speaker 1: than even our stellar first one hundred heres. Disney CEO 42 00:02:26,520 --> 00:02:29,520 Speaker 1: Bob Chapeck spoke with bloombergs Emily Chang. Stay tuned for 43 00:02:29,560 --> 00:02:31,680 Speaker 1: more of that interview coming up shortly right here on 44 00:02:31,720 --> 00:02:34,240 Speaker 1: Bloomberg Day Break. Well, Nathan, we have some other stocks 45 00:02:34,240 --> 00:02:36,440 Speaker 1: in the move this morning following earnings after the bell. 46 00:02:36,520 --> 00:02:39,320 Speaker 1: Let me get the details live with the Bloomberg's John Tucker. John, 47 00:02:39,360 --> 00:02:42,080 Speaker 1: good morning, and good morning, Karen. Uber shares up close 48 00:02:42,120 --> 00:02:44,440 Speaker 1: to five percent of the pre market trading after fourth 49 00:02:44,520 --> 00:02:47,480 Speaker 1: quarter revenue but beat estimates. The ride hailing giants so 50 00:02:47,520 --> 00:02:51,040 Speaker 1: a little disruption from the Omicron variant that led to 51 00:02:51,120 --> 00:02:54,480 Speaker 1: the most active users in its history, but Tell shares 52 00:02:54,520 --> 00:02:57,720 Speaker 1: this morning up eleven percent. The toymaker reporting sales and 53 00:02:57,800 --> 00:03:01,680 Speaker 1: profit that Blue Pass forecast. Mattel's outlook also came in 54 00:03:01,840 --> 00:03:06,079 Speaker 1: above predictions, and shares of Twilio soaring up seventcent of 55 00:03:06,160 --> 00:03:09,520 Speaker 1: the pre market the infrastructure software company's fourth quarter results 56 00:03:09,520 --> 00:03:13,519 Speaker 1: in first quarter for forecast beat expectations. Of the three 57 00:03:13,560 --> 00:03:16,160 Speaker 1: hundred twenty six companies in the SMP five hundreds that 58 00:03:16,200 --> 00:03:21,200 Speaker 1: reported earning. So far, sevent have had positive earning surprises. 59 00:03:21,520 --> 00:03:24,720 Speaker 1: Live in New York on John Tucker Bloomberg day Break. Okay, John, 60 00:03:24,760 --> 00:03:27,040 Speaker 1: thank you, and the earnings continue to roll in today, 61 00:03:27,040 --> 00:03:30,040 Speaker 1: with thirty companies reporting. Twitter is one of the biggest 62 00:03:30,120 --> 00:03:32,360 Speaker 1: names on the today's list. Let's get a preview from 63 00:03:32,400 --> 00:03:36,200 Speaker 1: Bloomberg's Tom Busby. The microblogging site reports fourth quarter earnings 64 00:03:36,280 --> 00:03:39,320 Speaker 1: later this morning, the first earnings report under new CEO 65 00:03:39,440 --> 00:03:42,440 Speaker 1: Parague Agrea Wall, who took over for founder Jack Dorsey 66 00:03:42,440 --> 00:03:46,040 Speaker 1: in late November. Twitter makes most of its revenue from advertising, 67 00:03:46,120 --> 00:03:48,960 Speaker 1: so key for investors is how the company will navigate 68 00:03:49,000 --> 00:03:53,160 Speaker 1: those new privacy changes from Apple, which require explicit permission 69 00:03:53,240 --> 00:03:57,040 Speaker 1: from users to target ads on its devices. Bloomberg podcasting 70 00:03:57,080 --> 00:03:59,880 Speaker 1: revenue of one point five eight billion dollars and adjusted 71 00:04:00,040 --> 00:04:03,800 Speaker 1: things of thirty two cents a share Tom Busby Bloomberg Daybreak, 72 00:04:03,880 --> 00:04:06,160 Speaker 1: All right, Tom, thank you? All overseegs this morning shares 73 00:04:06,160 --> 00:04:08,560 Speaker 1: a credit sweez Or down more than three percent. The 74 00:04:08,640 --> 00:04:11,720 Speaker 1: Swiss Bank posted its biggest quarterly loss in about four years, 75 00:04:11,760 --> 00:04:15,120 Speaker 1: and CEO Thomas Gonstein is warning that higher costs for 76 00:04:15,280 --> 00:04:18,599 Speaker 1: pay and its restructuring will weigh on results all year. 77 00:04:19,200 --> 00:04:24,000 Speaker 1: We also um included a new form of compensation in 78 00:04:24,080 --> 00:04:29,000 Speaker 1: terms of our STP strategic delivery Plan, and this was 79 00:04:29,400 --> 00:04:34,000 Speaker 1: very well received by by our employees and Credit Sweez 80 00:04:34,120 --> 00:04:37,880 Speaker 1: is very committed to play market to pay market rates 81 00:04:37,880 --> 00:04:41,799 Speaker 1: in terms of compensation. Credit swe CEO Thomas Gonstein says 82 00:04:41,839 --> 00:04:45,000 Speaker 1: the company is focused on implementing a new strategy after 83 00:04:45,080 --> 00:04:49,279 Speaker 1: scandals involving Archigo's capital management in Greensville Capital Now. Shares 84 00:04:49,279 --> 00:04:51,640 Speaker 1: of Uni Leaver are also in focus this morning, Karen. 85 00:04:51,680 --> 00:04:54,520 Speaker 1: They're down more than three percent in London. Company warns 86 00:04:54,520 --> 00:04:58,320 Speaker 1: the inflation will dent profitability for two years. Unilever says 87 00:04:58,360 --> 00:05:02,440 Speaker 1: commodity costs arising by more than across the consumer goods industry. 88 00:05:02,960 --> 00:05:05,520 Speaker 1: Speaking at prices, Nathan, We're set for the next reading 89 00:05:05,560 --> 00:05:08,080 Speaker 1: on inflation here in the US. The Government of Relations 90 00:05:08,080 --> 00:05:10,880 Speaker 1: that consumer price index for January at eight thirty am. 91 00:05:10,880 --> 00:05:14,360 Speaker 1: Wall Street Time economists forecast reading of seven point two 92 00:05:14,360 --> 00:05:17,240 Speaker 1: percent a year over year. We get more from Bloomberg 93 00:05:17,279 --> 00:05:21,520 Speaker 1: Economics correspondent Michael McKee January's Consumer Price Index won't lead 94 00:05:21,560 --> 00:05:23,799 Speaker 1: the Fed to any kind of decision, but it will 95 00:05:23,839 --> 00:05:26,400 Speaker 1: offer guidance about what they'll need to do down the road. 96 00:05:26,960 --> 00:05:29,200 Speaker 1: Much of the jump in inflation has come from goods 97 00:05:29,279 --> 00:05:32,960 Speaker 1: rather than services, as Americans, flush with stimulus cash, stayed 98 00:05:33,040 --> 00:05:37,279 Speaker 1: home and bought things instead of experiences. The omicron outbreak 99 00:05:37,360 --> 00:05:40,039 Speaker 1: last month probably kept that trend in place, but we 100 00:05:40,120 --> 00:05:42,840 Speaker 1: did see inventories rising at the end of last year, 101 00:05:42,920 --> 00:05:46,839 Speaker 1: which could mean some easing in transportation and bottleneck costs. 102 00:05:47,240 --> 00:05:51,760 Speaker 1: Economists will also check the reopening trade cars, insurance, lodging, airfares, 103 00:05:51,760 --> 00:05:55,679 Speaker 1: and food to see if prices are still rising. And finally, 104 00:05:55,760 --> 00:05:58,680 Speaker 1: housing home prices up seventeen and a half percent through 105 00:05:58,720 --> 00:06:02,200 Speaker 1: November one, will be feeding into the CPI for some time, 106 00:06:02,600 --> 00:06:05,679 Speaker 1: even if higher interest rates start to slow home sales. 107 00:06:05,920 --> 00:06:09,080 Speaker 1: Michael McKey, Bloomberg Daybreak. Okay, Mike, thanks for also watching 108 00:06:09,080 --> 00:06:11,440 Speaker 1: the Fed. For another reason this morning, history is being 109 00:06:11,480 --> 00:06:14,440 Speaker 1: made at the Federal Reserve Bank of Boston. More on 110 00:06:14,480 --> 00:06:17,960 Speaker 1: that line from Bloomberg. Grinida Young, Good morning, Granina, Good morning, Nathan. 111 00:06:18,000 --> 00:06:21,680 Speaker 1: The Boston Fed has named University of Michigan Economists Susan 112 00:06:21,760 --> 00:06:25,239 Speaker 1: Collins as its next president. She becomes the first black 113 00:06:25,240 --> 00:06:27,720 Speaker 1: woman to lead one of the Central banks twelve districts 114 00:06:27,880 --> 00:06:31,680 Speaker 1: and will rep replace Eric Rosenren, who stepped down last year. 115 00:06:31,880 --> 00:06:34,800 Speaker 1: The Collins, who earned a doctorate in economics at m 116 00:06:34,839 --> 00:06:38,680 Speaker 1: I T, drew support from many, including former Vice chair 117 00:06:39,040 --> 00:06:45,000 Speaker 1: Alan Blinder. I certainly think she's in the mainstream among economists, 118 00:06:45,040 --> 00:06:49,320 Speaker 1: among liberal left, left of center economists, but certainly not 119 00:06:49,440 --> 00:06:52,400 Speaker 1: far left. I mean, she's really in the mainstream, and 120 00:06:52,440 --> 00:06:56,839 Speaker 1: I think that's basically where the Federal Reserve is these days. 121 00:06:57,320 --> 00:07:00,680 Speaker 1: Former FED Vice chair and current Princeton Universe City professor 122 00:07:00,720 --> 00:07:04,280 Speaker 1: Alan Blinder says Collins has every asset for the job 123 00:07:04,600 --> 00:07:07,960 Speaker 1: and no liabilities. Live in New York. I'm Nita Young 124 00:07:07,960 --> 00:07:10,840 Speaker 1: Bloomberg daybreak. Okay, Nita, thank you. S and P futures 125 00:07:10,840 --> 00:07:13,680 Speaker 1: now down twelve point, Stoule futures down nine, Nastic futures 126 00:07:13,720 --> 00:07:17,000 Speaker 1: lower by sixty points. Straight ahead, your latest local headlines 127 00:07:17,240 --> 00:07:23,600 Speaker 1: at a check of sports. This is Bloomberg. It's five 128 00:07:23,600 --> 00:07:26,040 Speaker 1: oh seven on Wall Street where forty degrees in Central Park. 129 00:07:26,080 --> 00:07:29,560 Speaker 1: We have a earlier tractor trailer fire that's got the 130 00:07:29,640 --> 00:07:32,920 Speaker 1: southbound easterns for the New Jersey TRIMPI closed. Michael barrs 131 00:07:32,920 --> 00:07:34,360 Speaker 1: here with Marrom what's going on in New York and 132 00:07:34,400 --> 00:07:36,600 Speaker 1: around the world. Good morning Michael, Good morning Nathan. The 133 00:07:36,680 --> 00:07:40,200 Speaker 1: National Archives is asking the Justice Department to investigate whether 134 00:07:40,280 --> 00:07:44,160 Speaker 1: former President Donald Trump violated federal law and the handling 135 00:07:44,160 --> 00:07:47,800 Speaker 1: of documents then President Trump tore up some of them. 136 00:07:47,840 --> 00:07:51,760 Speaker 1: The Archives also transported fifteen boxes of documents from Mara 137 00:07:51,880 --> 00:07:56,600 Speaker 1: Lago after Trump representatives located them and notify the Archives. 138 00:07:56,840 --> 00:08:00,880 Speaker 1: Former federal prosecutor Lorie Levinson the referral by the National 139 00:08:01,000 --> 00:08:04,120 Speaker 1: Archive does not mean that there's necessarily going to be 140 00:08:04,160 --> 00:08:08,320 Speaker 1: a criminal investigation of Trump or his advisors. It's simply 141 00:08:08,400 --> 00:08:12,400 Speaker 1: a suggestion that someone needs to look into what happened here, 142 00:08:12,640 --> 00:08:15,760 Speaker 1: loyal out law professor Lorie Levinson. The New York Times 143 00:08:15,800 --> 00:08:19,280 Speaker 1: reports the Inspector General reached out to the Justice Department 144 00:08:19,320 --> 00:08:23,000 Speaker 1: after they discovered what's believed to be classified documents that 145 00:08:23,080 --> 00:08:25,800 Speaker 1: Trump took from the White House. New York Governor Kathy 146 00:08:25,840 --> 00:08:28,880 Speaker 1: Hokel says the state will end a COVID nineteen mask 147 00:08:29,000 --> 00:08:32,920 Speaker 1: mandate requiring face coverings in most indoor public settings, but 148 00:08:33,400 --> 00:08:36,280 Speaker 1: We'll keep masking rules in place for schools for now. 149 00:08:36,720 --> 00:08:39,839 Speaker 1: The state will drop its mask mandate for most businesses. 150 00:08:40,080 --> 00:08:43,520 Speaker 1: Hocals has the numbers support, leaving the question of masks 151 00:08:43,600 --> 00:08:48,040 Speaker 1: to individual localts. We saw those numbers literally off the charts, 152 00:08:48,280 --> 00:08:50,920 Speaker 1: and now those numbers are coming down, and it is 153 00:08:51,000 --> 00:08:54,320 Speaker 1: time to adapt. L has been saying she wants to 154 00:08:54,360 --> 00:08:57,959 Speaker 1: see vaccination rates for children increase before she gets rid 155 00:08:58,040 --> 00:09:00,360 Speaker 1: of a state requirement for the masks and school rules. 156 00:09:00,600 --> 00:09:03,679 Speaker 1: Connecticut Governor Ned Lamont proposed a twenty four point two 157 00:09:03,720 --> 00:09:06,720 Speaker 1: billion dollar budget for the fiscal years starting July one, 158 00:09:07,440 --> 00:09:11,600 Speaker 1: boosts spending for state colleges and universities whose enrollment has 159 00:09:11,720 --> 00:09:14,960 Speaker 1: dropped during the pandemic. LaMotte, in his State of the 160 00:09:15,040 --> 00:09:19,640 Speaker 1: State address also announced tax cuts on automobiles. Three years ago, 161 00:09:19,720 --> 00:09:21,600 Speaker 1: we're standing at the edge of a fiscal cliff, basic 162 00:09:21,679 --> 00:09:24,240 Speaker 1: at three point seven billion dollar budget deficit, and today 163 00:09:24,240 --> 00:09:28,640 Speaker 1: we're deciding what taxes to cut and what school programs 164 00:09:28,679 --> 00:09:32,760 Speaker 1: to grow. Thanks to our third consecutive budget year of 165 00:09:32,760 --> 00:09:36,560 Speaker 1: budget syrupluses. Governor Lamont also says the state has earned 166 00:09:36,600 --> 00:09:39,520 Speaker 1: the right to no longer have a statewide mask mandate 167 00:09:39,559 --> 00:09:42,560 Speaker 1: in schools. It's good news for the New York City 168 00:09:42,640 --> 00:09:46,040 Speaker 1: subway system that carried more than three million customers on Tuesday, 169 00:09:46,080 --> 00:09:49,439 Speaker 1: the busiest since the Umicron variant hit the city. Global 170 00:09:49,480 --> 00:09:51,680 Speaker 1: News twenty four hours a day on air and on 171 00:09:51,720 --> 00:09:55,280 Speaker 1: Bloomberg Quicktake, powered by more than twenty seven under journalist 172 00:09:55,320 --> 00:09:58,040 Speaker 1: and analysts more than a hundred twenty countries. Michael Barr, 173 00:09:58,080 --> 00:10:05,599 Speaker 1: this is Bloomberg. Nathan Alright, Michael's thank you up to 174 00:10:05,679 --> 00:10:07,559 Speaker 1: five ten on All Street Time for the Bloomberg Sports 175 00:10:07,600 --> 00:10:09,480 Speaker 1: up Taking Morning, John stanho Al, Good morning. The eight 176 00:10:09,559 --> 00:10:12,079 Speaker 1: in the US finally went into hardware at the Olympics. 177 00:10:12,120 --> 00:10:14,480 Speaker 1: Took five days before their first gold medal, but now 178 00:10:14,559 --> 00:10:18,080 Speaker 1: two more, including a second and women's snowboarding, Chloe Kim 179 00:10:18,120 --> 00:10:21,079 Speaker 1: became a breakout star when she won the half by 180 00:10:21,160 --> 00:10:24,040 Speaker 1: four years ago. She has admitted the suffering from some 181 00:10:24,240 --> 00:10:26,800 Speaker 1: depression as she dealt with the new found FAMO. In fact, 182 00:10:26,880 --> 00:10:29,320 Speaker 1: Kim said at one point she threw her gold medal 183 00:10:29,360 --> 00:10:32,280 Speaker 1: in the trash before then retrieving it. She was all 184 00:10:32,320 --> 00:10:34,720 Speaker 1: smiles in Faijing that she cruised the victory just as 185 00:10:34,800 --> 00:10:37,960 Speaker 1: Nathan Chan did in men's figure skame the Super Bowl 186 00:10:37,960 --> 00:10:40,160 Speaker 1: in l a commissioner Roger Gudell with his annual State 187 00:10:40,200 --> 00:10:42,880 Speaker 1: of the Game press conference, he promised the league would 188 00:10:42,880 --> 00:10:45,440 Speaker 1: do better in minority higher and he was asked what 189 00:10:45,559 --> 00:10:48,559 Speaker 1: that would entail. Everything from looking at the Berney rule 190 00:10:48,600 --> 00:10:51,120 Speaker 1: and seeing what changes should be made to that, if 191 00:10:51,400 --> 00:10:55,120 Speaker 1: any changes, or should it be removed, which some people suggested. 192 00:10:55,600 --> 00:10:57,880 Speaker 1: All of those things are part of that. We're gonna 193 00:10:57,880 --> 00:11:00,400 Speaker 1: talk to other people who have independent people come in 194 00:11:00,520 --> 00:11:03,079 Speaker 1: and look and help us evaluate it, because it's sometimes 195 00:11:03,120 --> 00:11:05,480 Speaker 1: hard to evaluate your own policies and procedures to They'll 196 00:11:05,480 --> 00:11:08,600 Speaker 1: admit it. At one time, stand up comic Byron Allen, 197 00:11:08,679 --> 00:11:11,200 Speaker 1: now a media moguls and talks to buy the Denver 198 00:11:11,320 --> 00:11:15,439 Speaker 1: Broncos become the NFL's first African American owner. NBA trade 199 00:11:15,440 --> 00:11:17,560 Speaker 1: deadline three o'clock today is still a lot of James 200 00:11:17,559 --> 00:11:20,880 Speaker 1: Harden for Ben Simmons, rumors that would be a blockbuster 201 00:11:20,960 --> 00:11:23,520 Speaker 1: if the Nets and Sixers pulled the trigger. Nets have 202 00:11:23,600 --> 00:11:26,840 Speaker 1: lost their last nine. They visit at Washington tonight, Struggling 203 00:11:26,960 --> 00:11:29,199 Speaker 1: NIXT that Golden State Warriors lost last night at Utah 204 00:11:29,240 --> 00:11:32,199 Speaker 1: by twenty six. Islander's a five goal first period of 205 00:11:32,240 --> 00:11:35,280 Speaker 1: six three win at Vancouver two top twenty five teams 206 00:11:35,320 --> 00:11:38,520 Speaker 1: lost in New Jersey, Rutgers knocked off Ohio State by two. 207 00:11:38,880 --> 00:11:42,080 Speaker 1: Just the Seaton hallbeat Xavier by two. The Scarlet Knights 208 00:11:42,080 --> 00:11:44,320 Speaker 1: and the Pirates helped their case to make next month's 209 00:11:44,360 --> 00:11:47,080 Speaker 1: n C Double A two. John Stash were Bloomberg Sports 210 00:11:47,600 --> 00:11:51,120 Speaker 1: all right, John, thanks. SMP futures down ten point Staff futures, 211 00:11:51,160 --> 00:11:53,160 Speaker 1: I'm moving a touch higher now they're up five points. 212 00:11:53,240 --> 00:11:57,000 Speaker 1: Nest that futures still lower. Down fifty three Disney shares 213 00:11:57,040 --> 00:12:00,160 Speaker 1: of nearly eight percent in the pre market after earnings. 214 00:12:00,200 --> 00:12:03,880 Speaker 1: Will hear from CEO Bob shade Peck just ahead. This 215 00:12:04,040 --> 00:12:09,120 Speaker 1: is Bloomberg Blumber eleven three oh weather partly and we'll 216 00:12:09,120 --> 00:12:11,160 Speaker 1: see sunny upper forties today, will be in the upper 217 00:12:11,200 --> 00:12:15,160 Speaker 1: forties tomorrow, low fifties by Saturday, Super Bowl Sunday, the 218 00:12:15,200 --> 00:12:22,920 Speaker 1: possibility of light snow right now forty in Central Park Markets. 219 00:12:23,000 --> 00:12:26,080 Speaker 1: Headlines and breaking news twenty four hours a day at 220 00:12:26,120 --> 00:12:29,520 Speaker 1: Bloomberg dot Com, The Bloomberg Business at Hand at Bloomberg 221 00:12:29,600 --> 00:12:38,560 Speaker 1: Quick Take. This is a Bloomberg business flash and I'm 222 00:12:38,640 --> 00:12:41,839 Speaker 1: Karen Moscow and SMP futures are lower ahead of key 223 00:12:41,960 --> 00:12:45,440 Speaker 1: US inflation data. Sin P futures down eight points down, 224 00:12:45,480 --> 00:12:49,040 Speaker 1: futures are little change to higher up nineteen and the 225 00:12:49,120 --> 00:12:52,880 Speaker 1: Nasdaq futures are down forty four. The tenure treasury little change. 226 00:12:53,080 --> 00:12:55,960 Speaker 1: He has one yield on the two year one point 227 00:12:56,000 --> 00:12:59,000 Speaker 1: three five percent. That's a Bloomberg Business Flower Show. Where's 228 00:12:59,040 --> 00:13:01,840 Speaker 1: Michael Barr with more what's going on around the world. Michael, 229 00:13:02,040 --> 00:13:04,400 Speaker 1: thank you very much. Camera in Russia and Belarus began 230 00:13:04,440 --> 00:13:08,120 Speaker 1: their largest joint military drills and years today. Russia has 231 00:13:08,120 --> 00:13:11,440 Speaker 1: repeatedly denied it plans to invade Ukraine after the US 232 00:13:11,520 --> 00:13:14,360 Speaker 1: and its NATO allies warned of a build up about 233 00:13:14,400 --> 00:13:17,280 Speaker 1: a hundred thirty thousand Russian troops near the border. Figure 234 00:13:17,320 --> 00:13:20,040 Speaker 1: skater at Nathan Chan of the US won the gold 235 00:13:20,080 --> 00:13:23,200 Speaker 1: and the men's individual event in the NHL. The island 236 00:13:23,200 --> 00:13:25,800 Speaker 1: has won global news twenty four hours a day on 237 00:13:25,960 --> 00:13:28,080 Speaker 1: air and on Bloomberg Quick Take, powered by more than 238 00:13:28,400 --> 00:13:30,880 Speaker 1: seven hundred journalists and analysts and more than a hundred 239 00:13:30,880 --> 00:13:35,360 Speaker 1: twenty countries. I'm Michael Barr, and this is Bloomberg. Nathan alright, Michael, thanks, 240 00:13:35,400 --> 00:13:38,360 Speaker 1: It's eighteen on Wall Street Live from the Bloomberg Interact 241 00:13:38,360 --> 00:13:42,000 Speaker 1: and Broker Studios. This is Bloomberg Daybreak. I'm Nathan Hagar. 242 00:13:42,559 --> 00:13:46,360 Speaker 1: What's stock. Disney, the world's largest entertainment company, is reporting 243 00:13:46,400 --> 00:13:50,760 Speaker 1: first quarter sales, earnings, and streaming subscriber growth that all 244 00:13:50,840 --> 00:13:54,480 Speaker 1: beat estimates. After announcing the results, of Disney CEO Bob 245 00:13:54,559 --> 00:13:57,240 Speaker 1: Chapeck sat down for an interview with Bloomberg ex Emily 246 00:13:57,320 --> 00:14:00,280 Speaker 1: Chang to discuss the results and the path ahead. Let's 247 00:14:00,280 --> 00:14:02,920 Speaker 1: listen in to that conversation now. I want to start 248 00:14:02,960 --> 00:14:06,800 Speaker 1: with this month, marking two years with you as CEO, 249 00:14:06,920 --> 00:14:09,480 Speaker 1: Bob Iger has officially ridden away from the happiest place 250 00:14:09,520 --> 00:14:11,120 Speaker 1: on Earth, and I want to know how you're feeling. 251 00:14:11,160 --> 00:14:13,520 Speaker 1: Do you feel like your strategy is clicking and that 252 00:14:13,679 --> 00:14:17,040 Speaker 1: things are working well? I think, as evidence by our 253 00:14:17,040 --> 00:14:20,320 Speaker 1: most recent quarter, everything's falling into place. You know, we're 254 00:14:20,320 --> 00:14:23,080 Speaker 1: filled with optimism here at Disney. We're at the point 255 00:14:23,120 --> 00:14:26,040 Speaker 1: where we're just at the start of the last year 256 00:14:26,080 --> 00:14:28,760 Speaker 1: of our first one hundred and the inflection point for 257 00:14:28,840 --> 00:14:30,840 Speaker 1: the start of the next one hundred. And I think 258 00:14:30,840 --> 00:14:33,320 Speaker 1: if you look at our parks business, you look at 259 00:14:33,360 --> 00:14:37,240 Speaker 1: our media business, all fueled by the great content that 260 00:14:37,320 --> 00:14:42,080 Speaker 1: our internal storytellers get to tell we're full of optimism. 261 00:14:42,200 --> 00:14:44,440 Speaker 1: We think that we've got a lot of energy and momentum. 262 00:14:44,680 --> 00:14:47,320 Speaker 1: We've got a vision for the future, a vision where 263 00:14:47,320 --> 00:14:50,880 Speaker 1: we're going to appeal directly to our audience, uh, using 264 00:14:50,960 --> 00:14:54,760 Speaker 1: technology and great storytelling, and uh, we really think that 265 00:14:54,840 --> 00:14:57,320 Speaker 1: it's going to be a more exciting next one years 266 00:14:57,480 --> 00:15:00,840 Speaker 1: than even our stellar first one hundred. Heres give us 267 00:15:00,880 --> 00:15:03,880 Speaker 1: some color on what's driving the burst in subscriber growth 268 00:15:04,000 --> 00:15:08,960 Speaker 1: at Disney Plus compared to the slowdown last quarter. You know, 269 00:15:09,160 --> 00:15:11,680 Speaker 1: we had said for a long time that it's not 270 00:15:11,680 --> 00:15:14,160 Speaker 1: going to be a linear growth quarter to quarter on 271 00:15:14,240 --> 00:15:16,120 Speaker 1: Disney Plus, that there were going to be some quarters 272 00:15:16,120 --> 00:15:18,800 Speaker 1: a little higher, some quarters a little lower. And it's 273 00:15:18,840 --> 00:15:21,880 Speaker 1: really almost directly a function of what the new content 274 00:15:22,040 --> 00:15:25,760 Speaker 1: is that's flowing into the service. And obviously that content 275 00:15:26,000 --> 00:15:30,240 Speaker 1: was impeded, uh and made a little choppy even more 276 00:15:30,320 --> 00:15:32,360 Speaker 1: by the fact that you know, we had COVID and 277 00:15:32,400 --> 00:15:36,680 Speaker 1: it interrupted our production cycles. But as we stated last 278 00:15:36,680 --> 00:15:39,320 Speaker 1: earnings and the earnings as well, is that that flow 279 00:15:39,360 --> 00:15:41,840 Speaker 1: becomes a little more steady, a little bit more predictable, 280 00:15:42,000 --> 00:15:45,000 Speaker 1: a little bit more optimal during the second half of 281 00:15:45,400 --> 00:15:48,920 Speaker 1: this year, and we expect that uh, we're going to 282 00:15:49,000 --> 00:15:51,720 Speaker 1: actually add more substance second half of the year than 283 00:15:51,760 --> 00:15:54,240 Speaker 1: the first half of the year, so we're very encouraged 284 00:15:54,240 --> 00:15:57,520 Speaker 1: by that. Again, it will still be choppier than a 285 00:15:57,560 --> 00:16:01,440 Speaker 1: perfect linear line, but you know, when you have great 286 00:16:01,440 --> 00:16:05,000 Speaker 1: storytelling and great brands like we do, uh, it's it's 287 00:16:05,000 --> 00:16:06,840 Speaker 1: gonna draw a lot of people across the globe. So 288 00:16:06,840 --> 00:16:09,360 Speaker 1: we're excited about that. Now, you said it was hard 289 00:16:09,400 --> 00:16:11,880 Speaker 1: to get people to the theater for family movies, and 290 00:16:11,920 --> 00:16:14,320 Speaker 1: I wonder when you see that changing and what that 291 00:16:14,400 --> 00:16:19,360 Speaker 1: means for the next few family titles. Well, we're very 292 00:16:19,440 --> 00:16:22,320 Speaker 1: carefully watching the return to theaters. And obviously when you 293 00:16:22,320 --> 00:16:24,640 Speaker 1: have something like Spider Man that comes out into the 294 00:16:24,680 --> 00:16:28,800 Speaker 1: marketplace and it does you know, gamebusters numbers were very 295 00:16:28,880 --> 00:16:31,320 Speaker 1: encouraged about that, you know. So it's called the eighteen 296 00:16:31,400 --> 00:16:36,120 Speaker 1: to thirty four uh target uh demo. That seems too 297 00:16:36,280 --> 00:16:39,080 Speaker 1: if you've got the right movie, big blockbuster, great film 298 00:16:39,840 --> 00:16:42,680 Speaker 1: based on a franchise, that's back. We are a little 299 00:16:42,680 --> 00:16:45,120 Speaker 1: more concerned though about the family films and some of 300 00:16:45,160 --> 00:16:48,120 Speaker 1: the films that appeal to the over thirty five audience. 301 00:16:48,880 --> 00:16:52,000 Speaker 1: But we're very very lucky in that um uh. We 302 00:16:52,080 --> 00:16:54,880 Speaker 1: have the ability to take our films to all the 303 00:16:54,920 --> 00:16:59,240 Speaker 1: audiences on Disney Plus, and we're encouraged. We hope that 304 00:16:59,360 --> 00:17:02,800 Speaker 1: the family comes back to theaters, but we believe that 305 00:17:02,840 --> 00:17:06,160 Speaker 1: even with a title Likencanto, which as you know, has 306 00:17:06,240 --> 00:17:08,640 Speaker 1: proved to the world, that we can build a Disney 307 00:17:08,720 --> 00:17:13,639 Speaker 1: franchise on on on the back of Disney Plus, because 308 00:17:13,720 --> 00:17:17,199 Speaker 1: our merchandise licensed merchandise spiked as soon as it came 309 00:17:17,200 --> 00:17:19,520 Speaker 1: out on Disney Plus. The music went from I think 310 00:17:19,520 --> 00:17:22,600 Speaker 1: it was a hundred ninety seven on the top two 311 00:17:22,640 --> 00:17:25,560 Speaker 1: hundred and Billboard to number one for multiple weeks in 312 00:17:25,560 --> 00:17:27,919 Speaker 1: a row. We can build a franchise on Disney Plus. 313 00:17:27,920 --> 00:17:31,480 Speaker 1: So we'd love for theatrical to come back for family movies. Uh. 314 00:17:31,520 --> 00:17:34,639 Speaker 1: We hope it does. But if it doesn't, we we 315 00:17:34,720 --> 00:17:37,080 Speaker 1: know that we're very secure in being able to use 316 00:17:37,119 --> 00:17:40,320 Speaker 1: our own platform, Disney Plus to help do that. I 317 00:17:40,359 --> 00:17:43,359 Speaker 1: want to talk about parks in more detail. You hit 318 00:17:43,440 --> 00:17:46,920 Speaker 1: some all time records with revenue there, but attendance is 319 00:17:47,080 --> 00:17:49,960 Speaker 1: still you know, lower or in line depending on the 320 00:17:49,960 --> 00:17:53,840 Speaker 1: park that you're talking about. What's the outlook ahead as 321 00:17:53,920 --> 00:17:57,879 Speaker 1: oh Macron Wings, are you preparing for new variants? Do 322 00:17:58,000 --> 00:18:01,520 Speaker 1: you see hitting new records in attendance or is it 323 00:18:01,560 --> 00:18:05,200 Speaker 1: all about revenue. We're we're preparing for anything. I think 324 00:18:05,240 --> 00:18:08,600 Speaker 1: if the last two years have taught us anything is 325 00:18:08,640 --> 00:18:11,800 Speaker 1: to remain flexible. But if we have a focus on 326 00:18:11,800 --> 00:18:15,040 Speaker 1: our guest we believe that it's going to uh turn 327 00:18:15,040 --> 00:18:17,520 Speaker 1: out just just find I think one of the reasons 328 00:18:17,520 --> 00:18:21,960 Speaker 1: why we've had such a recovery in demand and attendance 329 00:18:22,000 --> 00:18:24,359 Speaker 1: at our parks is a function of the fact that 330 00:18:24,760 --> 00:18:28,320 Speaker 1: consumers are guests are fans trust us. Not only do 331 00:18:28,480 --> 00:18:31,720 Speaker 1: we deliver great experiences and tell great stories, but they 332 00:18:31,760 --> 00:18:34,520 Speaker 1: trust us. And we're going to move very slowly when 333 00:18:34,560 --> 00:18:38,280 Speaker 1: it comes to attendance increases because we feel that we 334 00:18:38,320 --> 00:18:41,080 Speaker 1: want to be very, very responsible. And some of the 335 00:18:41,080 --> 00:18:43,840 Speaker 1: reasons why we don't have max capacity right now is 336 00:18:43,880 --> 00:18:46,880 Speaker 1: that we still haven't turned on all of the live 337 00:18:47,040 --> 00:18:49,600 Speaker 1: entertainment that we've got at the parks. Was as as 338 00:18:49,600 --> 00:18:52,120 Speaker 1: you know, is a really big component of a great 339 00:18:52,160 --> 00:18:55,040 Speaker 1: Disney experience. But we're moving slow on that because we 340 00:18:55,080 --> 00:18:58,080 Speaker 1: want to make sure that as you identify people, that 341 00:18:58,160 --> 00:19:00,600 Speaker 1: our guests feel very comfortable, and we do vas all 342 00:19:00,640 --> 00:19:03,240 Speaker 1: the time in terms of what our guests feel is 343 00:19:03,280 --> 00:19:06,119 Speaker 1: the appropriate density and so we're metering that. But I 344 00:19:06,200 --> 00:19:09,280 Speaker 1: must say that the operating performance of parks Uh using 345 00:19:09,280 --> 00:19:12,720 Speaker 1: that approach has been extraordinary, extraordinarily great. And that was 346 00:19:12,760 --> 00:19:16,359 Speaker 1: Disney CEO Bob cha Peck speaking with Bloomberg's Emily Chang 347 00:19:16,720 --> 00:19:19,320 Speaker 1: on the heels of first quarter earnings that beat estimates 348 00:19:19,359 --> 00:19:22,440 Speaker 1: on nearly every metric, tough to avoid, the happiest place 349 00:19:22,480 --> 00:19:25,679 Speaker 1: on Earth metaphors for investors. This morning, the shares of 350 00:19:25,800 --> 00:19:28,040 Speaker 1: Disney and the pre market right now up more than 351 00:19:28,160 --> 00:19:31,639 Speaker 1: seven and a half per cent. As for the broader market, 352 00:19:32,040 --> 00:19:36,119 Speaker 1: futures are mixed ahead of the January CPI print s 353 00:19:36,160 --> 00:19:40,680 Speaker 1: ANDP futures are down ten points down, futures up five points, 354 00:19:41,080 --> 00:19:44,720 Speaker 1: NASAC futures are lower by forty eight points. Not a 355 00:19:44,720 --> 00:19:46,720 Speaker 1: lot of movement in the bond space right now. The 356 00:19:46,760 --> 00:19:49,480 Speaker 1: tenure is little changed, with the yield one point nine 357 00:19:49,560 --> 00:19:51,960 Speaker 1: three percent, the yield on the two year one point 358 00:19:52,000 --> 00:19:54,720 Speaker 1: three five percent up. Next, we'll have more on the 359 00:19:54,720 --> 00:19:58,080 Speaker 1: earnings shaping markets this morning, including Credit Suis, Mattel, and 360 00:19:58,240 --> 00:20:02,040 Speaker 1: Uber plus a historic new regional Fed president that's straight 361 00:20:02,040 --> 00:20:08,760 Speaker 1: ahead as Bloomberg daybreak continues. Bloomberg eleven three oh Weather partly. 362 00:20:08,800 --> 00:20:11,600 Speaker 1: The mostly sunny upper forties today and tomorrow will be 363 00:20:11,600 --> 00:20:15,399 Speaker 1: in the low fifties by Saturday, light snow, possible Super 364 00:20:15,440 --> 00:20:18,119 Speaker 1: Bowl Sunday. That'll be a change. Right now, forty degrees 365 00:20:18,160 --> 00:20:26,240 Speaker 1: in Central Park. Criadcasting live from the Bloomberg Interactive Broker 366 00:20:26,359 --> 00:20:29,760 Speaker 1: Studio in New York. Bloomberg E Living Freedom to Washington, 367 00:20:29,840 --> 00:20:33,879 Speaker 1: d C. Bloomberg to Boston, Bloomberg one O six one 368 00:20:34,040 --> 00:20:37,480 Speaker 1: to San Francisco, Bloomberg No. Sixty to the Country, Sirius 369 00:20:37,640 --> 00:20:40,840 Speaker 1: XM Cho one nine, and around the globe, the Bloomberg 370 00:20:40,840 --> 00:20:45,280 Speaker 1: Business and Bloomberg Radio dot Com. This is Bloomberg Daybreak. 371 00:20:51,280 --> 00:20:53,480 Speaker 1: It's five thirty on Wall Street. Good morning. I'm Nathan 372 00:20:53,520 --> 00:20:56,639 Speaker 1: Hager and I'm Karen Moscow. We're just about four hours 373 00:20:56,680 --> 00:20:58,720 Speaker 1: away from the open of US training. Let's get you 374 00:20:58,760 --> 00:21:00,080 Speaker 1: up to date on the news you need to know 375 00:21:00,160 --> 00:21:03,199 Speaker 1: at this hour. Earnings and inflation are front and center, 376 00:21:03,240 --> 00:21:06,760 Speaker 1: and we begin with earnings. Shares of Disney are higher, 377 00:21:06,840 --> 00:21:09,879 Speaker 1: up almost eight percent in early trading after first quarter sales, 378 00:21:09,880 --> 00:21:13,800 Speaker 1: profit and streaming subscriber growth. All Beat analysts estimates CEO 379 00:21:13,880 --> 00:21:17,760 Speaker 1: Bob Speck is optimistic, especially about Disney plus we're gonna 380 00:21:17,800 --> 00:21:20,560 Speaker 1: actually add more substance second half of the year than 381 00:21:20,600 --> 00:21:23,040 Speaker 1: the first half of the year, so we're very encouraged 382 00:21:23,080 --> 00:21:26,760 Speaker 1: by that. Again, it'll still be choppier than a perfect 383 00:21:26,800 --> 00:21:30,240 Speaker 1: linear line, but uh, you know, when you have great 384 00:21:30,280 --> 00:21:33,840 Speaker 1: storytelling and great brands like we do, Uh, it's it's 385 00:21:33,840 --> 00:21:35,639 Speaker 1: gonna draw a lot of people across the globe. So 386 00:21:35,680 --> 00:21:39,360 Speaker 1: we're excited about that. Disney CEO Bob Kpex says subscription 387 00:21:39,520 --> 00:21:43,480 Speaker 1: subscriptions for Disney Plus are now approaching one thirty million. Well, 388 00:21:43,480 --> 00:21:45,800 Speaker 1: we do have some other stocks on the move this morning, Karen, 389 00:21:45,840 --> 00:21:48,359 Speaker 1: following after the Bell earnings. Let's get the latest on 390 00:21:48,480 --> 00:21:52,159 Speaker 1: those live from Bloomberg's John Tucker. John Nathan Uber shares 391 00:21:52,160 --> 00:21:55,240 Speaker 1: of six percent in pre market trading. Fourth quarter revenue 392 00:21:55,280 --> 00:21:58,120 Speaker 1: top to estimates. The ride handling giant reported the most 393 00:21:58,200 --> 00:22:02,359 Speaker 1: active users in its history. Mattel shares up almost eleven percent. 394 00:22:02,680 --> 00:22:06,240 Speaker 1: Revenue and earnings at the toymaker also beat estimates, and 395 00:22:06,320 --> 00:22:10,199 Speaker 1: so did the company's forecast, and Twilio shares jumping seventeen 396 00:22:10,280 --> 00:22:13,879 Speaker 1: percent in pre market trading. The infrastructure software company reported 397 00:22:13,880 --> 00:22:17,760 Speaker 1: fourth quarter results that beat expectations and forecast revenue ahead 398 00:22:17,760 --> 00:22:20,440 Speaker 1: of the consensus. Live in New York. I'm John Tucker, 399 00:22:20,480 --> 00:22:24,040 Speaker 1: Bloomberg Daybreak, John, Thank you. In Europe this morning, shares 400 00:22:24,040 --> 00:22:26,240 Speaker 1: a credit suite SARRE down more than four and a 401 00:22:26,280 --> 00:22:28,879 Speaker 1: half percent. The bank posted its biggest quarterly loss in 402 00:22:28,920 --> 00:22:32,880 Speaker 1: about four years after a large restructuring and litigation charges. 403 00:22:33,119 --> 00:22:35,080 Speaker 1: All back here in the US, Karen, the focus this 404 00:22:35,160 --> 00:22:38,359 Speaker 1: morning will be on inflation. Economist predict a CPI reading 405 00:22:38,359 --> 00:22:41,320 Speaker 1: for January of seven point two percent year over year. 406 00:22:41,640 --> 00:22:44,160 Speaker 1: And it's a history day at the Federal Reserve Bank 407 00:22:44,200 --> 00:22:46,879 Speaker 1: of Boston. Nathan. We get the latest live from Bloomberg's 408 00:22:46,920 --> 00:22:49,760 Speaker 1: Ranida Young. Good morning, Rinda, Good morning Karen. The Boston 409 00:22:49,840 --> 00:22:53,600 Speaker 1: Fed has named University of Michigan economists Susan Collins as 410 00:22:53,640 --> 00:22:57,040 Speaker 1: its next president. She becomes the first black woman to 411 00:22:57,119 --> 00:23:00,320 Speaker 1: lead one of the central banks twelve districts. She'll place 412 00:23:00,480 --> 00:23:03,520 Speaker 1: Eric Rosing Grin, who stepped down last year. Collins, who 413 00:23:03,560 --> 00:23:06,240 Speaker 1: earned a doctorate in economics at m I, t drew 414 00:23:06,280 --> 00:23:10,040 Speaker 1: support from many, including former FIT vice chair and current 415 00:23:10,040 --> 00:23:14,760 Speaker 1: Princeton University professor Alan Blinder. He says Collins has every 416 00:23:14,800 --> 00:23:18,720 Speaker 1: asset for the job and no liabilities. Live in New York, 417 00:23:18,760 --> 00:23:21,600 Speaker 1: I'm Rnita Young Bloomberg Daybreak, all right, Randa, thank you, 418 00:23:21,760 --> 00:23:24,920 Speaker 1: S and P. Futures lower down nine points down, futures 419 00:23:24,920 --> 00:23:28,399 Speaker 1: that will change nasday futures down forty four and a 420 00:23:28,600 --> 00:23:33,000 Speaker 1: straight ahead your latest local headlines plus a check of sports. 421 00:23:33,040 --> 00:23:39,320 Speaker 1: And this is Bloomberg. All right, Karen, thank you. It's 422 00:23:39,320 --> 00:23:41,800 Speaker 1: five thirty three on Wall Street, forty degrees in Central 423 00:23:41,800 --> 00:23:43,840 Speaker 1: Park and accident clean up has the south end of 424 00:23:43,920 --> 00:23:47,200 Speaker 1: Jersey Turnpike Eastern Spur close. Details coming up in traffic. 425 00:23:47,240 --> 00:23:49,439 Speaker 1: First Michael Barr with more on what's going on in 426 00:23:49,440 --> 00:23:51,600 Speaker 1: New York and around the world. Good morning, Michael, Good 427 00:23:51,600 --> 00:23:55,240 Speaker 1: morning Nathan. New York Governor Kanthy Hocle lifted statewide requirement 428 00:23:55,280 --> 00:23:58,359 Speaker 1: to wear a mask indoors where show business is proof 429 00:23:58,359 --> 00:24:02,440 Speaker 1: of vaccination. However, Governor Hocle will wait on mask requirements 430 00:24:02,480 --> 00:24:06,480 Speaker 1: for schools until after kids return from February break. We 431 00:24:06,560 --> 00:24:09,879 Speaker 1: are going to make an assessment that first week in March. 432 00:24:10,200 --> 00:24:13,959 Speaker 1: Based on all the metrics, Governor hocal says, the positivity 433 00:24:14,040 --> 00:24:17,400 Speaker 1: rate is down and hospitalizations are down as well. President 434 00:24:17,480 --> 00:24:19,880 Speaker 1: Joe Biden has met with the heads of the nation's 435 00:24:19,960 --> 00:24:24,040 Speaker 1: largest power companies with an eye towards climate change. Bloomberg's 436 00:24:24,040 --> 00:24:26,919 Speaker 1: president says, these companies have to be at the forefront 437 00:24:26,920 --> 00:24:29,119 Speaker 1: of the US effort to cut a mission. CEOs know 438 00:24:29,240 --> 00:24:33,320 Speaker 1: exactly why clean energy future matters. It's an incredible opportunity 439 00:24:33,359 --> 00:24:36,320 Speaker 1: for our country and uh and they know how urgent 440 00:24:36,480 --> 00:24:39,760 Speaker 1: is to get this done. And there've been uh, you know, 441 00:24:39,880 --> 00:24:43,200 Speaker 1: they've been key partners throughout this entire process, and Biden 442 00:24:43,280 --> 00:24:45,520 Speaker 1: telling the companies their role will be crucial for the 443 00:24:45,560 --> 00:24:49,359 Speaker 1: future of the country and the globe. In San Francisco, 444 00:24:49,400 --> 00:24:52,159 Speaker 1: I'm at Baxter Bloomberg Gay Break. The National Archives is 445 00:24:52,240 --> 00:24:55,639 Speaker 1: asking the Justice Department to investigate whether former President Donald 446 00:24:55,680 --> 00:24:58,919 Speaker 1: Trump violated federal law and the handling of documents. The 447 00:24:58,960 --> 00:25:02,320 Speaker 1: referral was made by how then president Trump dealt with 448 00:25:02,400 --> 00:25:06,040 Speaker 1: the documents. Former federal prosecutor Lourie Levinson says the probe 449 00:25:06,040 --> 00:25:09,439 Speaker 1: is not a surprise. He took fifteen boxes to his 450 00:25:09,520 --> 00:25:13,679 Speaker 1: private residence at maral Lago. Some of those had documents 451 00:25:13,720 --> 00:25:17,080 Speaker 1: that definitely should have gone to the National Archives, and 452 00:25:17,119 --> 00:25:20,480 Speaker 1: then he had the habit of ripping up documents. Loyola 453 00:25:20,600 --> 00:25:24,240 Speaker 1: law professor Lourie Levinson. One month after actor and comedian 454 00:25:24,240 --> 00:25:27,080 Speaker 1: Bob Saget was found dead in the Orlando hotel room. 455 00:25:27,119 --> 00:25:30,440 Speaker 1: Is grieving family announced that he died from head trauma. 456 00:25:30,800 --> 00:25:34,119 Speaker 1: Saget's family said authorities determined that he accidentally hit the 457 00:25:34,160 --> 00:25:36,720 Speaker 1: back of his head on something, thought nothing of it 458 00:25:36,800 --> 00:25:39,679 Speaker 1: and went to sleep. Global News twenty four hours a 459 00:25:39,760 --> 00:25:42,680 Speaker 1: day on air and on Bloomberg Quick Tank, powered by 460 00:25:42,680 --> 00:25:45,320 Speaker 1: more than twenty seven journalists and analyst more than a 461 00:25:45,400 --> 00:25:50,359 Speaker 1: hundred twenty countries. I'm Michael Barr, and this is Bloomberg. Nathan, Okay, Michael, 462 00:25:50,400 --> 00:25:58,320 Speaker 1: Thank you Wall Street. Time for the Bloomberg Sports Update 463 00:25:58,320 --> 00:26:00,919 Speaker 1: with John Stannshower. Thanks Fafin. At the Olympics, two U 464 00:26:01,080 --> 00:26:04,920 Speaker 1: S gold medals, both won by heavily favored Americans, both 465 00:26:05,359 --> 00:26:08,960 Speaker 1: with Asian heritage, both attend Ivy League schools. Nathan Chen 466 00:26:09,440 --> 00:26:12,040 Speaker 1: since finishing a disappointing fifth four years ago, as nearly 467 00:26:12,160 --> 00:26:15,840 Speaker 1: completed his degree at Yale, and he's won almost every competition. 468 00:26:15,920 --> 00:26:18,640 Speaker 1: He won the men's figure skinning easily, just as Chloe Kim, 469 00:26:18,680 --> 00:26:21,240 Speaker 1: who goes to Princeton, became the first female to win 470 00:26:21,280 --> 00:26:24,520 Speaker 1: back to back snowboarding goals. Roger Dale met the Super 471 00:26:24,560 --> 00:26:28,120 Speaker 1: Bowl media his first public comments since the Brian Flores 472 00:26:28,200 --> 00:26:32,600 Speaker 1: lawsuit that alleged Dolphins owner Stephen Ross offered Flora's bonus 473 00:26:32,640 --> 00:26:36,560 Speaker 1: money for each game Miami loss. I found UM all 474 00:26:36,600 --> 00:26:40,439 Speaker 1: of the allegations, whether they were based on racism or 475 00:26:40,480 --> 00:26:44,119 Speaker 1: discrimination or the integrative of their game, all of those 476 00:26:44,640 --> 00:26:49,040 Speaker 1: um to me. We're very disturbing. UM. They are very 477 00:26:49,119 --> 00:26:52,480 Speaker 1: serious matters to us on hall levels, and we need 478 00:26:52,480 --> 00:26:54,040 Speaker 1: to make sure we get to the bottom of all 479 00:26:54,080 --> 00:26:55,720 Speaker 1: of them. Your dell and asked the NFL will play 480 00:26:55,760 --> 00:26:58,359 Speaker 1: a game next year in Munich after the Super Bowl 481 00:26:58,359 --> 00:27:00,440 Speaker 1: in the Olympics, the next big event and c double 482 00:27:00,440 --> 00:27:03,760 Speaker 1: A tournament Seaton Hall and Rutgers, both open to get invited. 483 00:27:03,880 --> 00:27:06,240 Speaker 1: Both helped their case with two point victories at home 484 00:27:06,640 --> 00:27:09,639 Speaker 1: against top twenty five teams the Fire and S Top Xavier. 485 00:27:09,720 --> 00:27:12,679 Speaker 1: The Scarlett Knights, who had that earlier big upset of 486 00:27:12,680 --> 00:27:14,680 Speaker 1: for Do when they ranked number one, able to get 487 00:27:14,680 --> 00:27:17,440 Speaker 1: by o High State. NBA Lakers lost in Portland. Lakers 488 00:27:17,480 --> 00:27:20,359 Speaker 1: are four games under five hundred. Lebron James says they 489 00:27:20,400 --> 00:27:22,840 Speaker 1: are playing in a fog. It will instant see if 490 00:27:22,840 --> 00:27:25,040 Speaker 1: they make a trade to four. Today's three o'clock deadline, 491 00:27:25,160 --> 00:27:27,679 Speaker 1: Nixon nets both said to be involved in trade. Tops 492 00:27:28,080 --> 00:27:31,080 Speaker 1: Nix Tonight at Golden State Nets visit Washington. Big first 493 00:27:31,080 --> 00:27:33,840 Speaker 1: period for the Islanders. They scored five times, they won 494 00:27:33,920 --> 00:27:37,200 Speaker 1: six three at Vancouver. John Stash Atward Bloomberg Sports Nathan, 495 00:27:37,400 --> 00:27:39,639 Speaker 1: Thank you John. It's five thirty seven on Wall Street 496 00:27:39,640 --> 00:27:43,000 Speaker 1: time for the Tri State Business Report. Here's Bloomberg zed Corey. 497 00:27:43,320 --> 00:27:46,719 Speaker 1: Manhattan apartment rents were close to a record high in January. 498 00:27:47,200 --> 00:27:50,120 Speaker 1: Median rent jump twenty three per cent from a year 499 00:27:50,160 --> 00:27:53,680 Speaker 1: earlier to three thousand, four hundred sixties seven dollars, according 500 00:27:53,720 --> 00:27:57,320 Speaker 1: to a praiser, Miller Samuel in brokerage Douglas Element Real Estate. 501 00:27:57,600 --> 00:28:01,119 Speaker 1: That's just shy the record for January each in twenty 502 00:28:01,440 --> 00:28:05,240 Speaker 1: before the pandemic. New York State Pension Fund will divest 503 00:28:05,320 --> 00:28:07,840 Speaker 1: more than two hundred thirty eight million dollars in shares 504 00:28:07,880 --> 00:28:12,600 Speaker 1: and bonds of oil and gas companies, including Pioneer Natural Resources, 505 00:28:12,640 --> 00:28:16,199 Speaker 1: HESS and Diamondback Energy. The move follows a review that 506 00:28:16,240 --> 00:28:19,479 Speaker 1: found the company has failed to demonstrate viable net zero 507 00:28:19,560 --> 00:28:23,200 Speaker 1: transition plans. New Jersey Transit has approved to two point 508 00:28:23,240 --> 00:28:27,200 Speaker 1: six billion dollar operating budget. The spending plan was delayed 509 00:28:27,240 --> 00:28:30,879 Speaker 1: because of a disagreement over pandemic stimulus funds in the 510 00:28:30,920 --> 00:28:35,119 Speaker 1: American Rescue Plan. At a board meeting Wednesday, CEO Kevin 511 00:28:35,160 --> 00:28:38,920 Speaker 1: Corbett said ridership is bouncing back. That your Bloomberg trying 512 00:28:38,920 --> 00:28:41,760 Speaker 1: State business report. I'm ed Corey, Okay, and thank you. 513 00:28:41,800 --> 00:28:44,520 Speaker 1: It's on Wall Street. Bloomberg Radio is on the air 514 00:28:44,560 --> 00:28:47,320 Speaker 1: from San Francisco to New York, London to Hong Kong. 515 00:28:47,400 --> 00:28:49,400 Speaker 1: Let's check in with our global news team for some 516 00:28:49,480 --> 00:28:51,840 Speaker 1: of the top stories heard on our three hundred affiliate 517 00:28:51,920 --> 00:28:58,280 Speaker 1: radio stations around the world. I'm Steve Potastan on K 518 00:28:58,440 --> 00:29:01,440 Speaker 1: and X in Los Angeles, where talking about Disney being 519 00:29:01,440 --> 00:29:05,000 Speaker 1: the happiest place on Earth after sales earnings and streaming 520 00:29:05,080 --> 00:29:09,480 Speaker 1: subscriber growth all easily be forecasts. Um Courney's Anaho on 521 00:29:09,640 --> 00:29:13,200 Speaker 1: ktr H in Houston. Quarter of American Firms raised wagents 522 00:29:13,240 --> 00:29:16,440 Speaker 1: in Covid. I'm Caroline had complete a DAB digital radio 523 00:29:16,440 --> 00:29:19,240 Speaker 1: in London. We're reporting on starting salaries in the UK 524 00:29:19,440 --> 00:29:22,240 Speaker 1: rising at a rapid pace according to the Recruitment and 525 00:29:22,320 --> 00:29:26,640 Speaker 1: Employment Confederation because of inflation fears and a shortage of workers. 526 00:29:27,240 --> 00:29:29,920 Speaker 1: I'm in Corey on w w J in Detroit, I'm 527 00:29:29,920 --> 00:29:33,680 Speaker 1: reporting general motors and boards here. They haven't experienced disruptions 528 00:29:33,720 --> 00:29:37,960 Speaker 1: to parts deliveries because of border protests silver vagacine mandates 529 00:29:37,960 --> 00:29:40,720 Speaker 1: in Canada. Those are some of the stories our twenty 530 00:29:40,760 --> 00:29:43,400 Speaker 1: seven hundred Bloomberg journalists and analysts are working on this 531 00:29:43,480 --> 00:29:46,600 Speaker 1: morning around the world. It's five thirty nine on Wall Street. 532 00:29:46,920 --> 00:29:51,000 Speaker 1: The following is an editorial from Bloomberg Opinion. The Republican 533 00:29:51,080 --> 00:29:54,800 Speaker 1: National Committee recently characterized the January sixth attack on the 534 00:29:54,840 --> 00:29:59,280 Speaker 1: Capitol as an instance of legitimate political discourse. When asked 535 00:29:59,280 --> 00:30:02,360 Speaker 1: for his opinion in sentim, Minority leader Mitt McConnell didn't 536 00:30:02,440 --> 00:30:06,600 Speaker 1: mince words. He called January six a violent insurrection for 537 00:30:06,640 --> 00:30:09,560 Speaker 1: the purpose of trying to prevent the peaceful transfer of power. 538 00:30:10,280 --> 00:30:13,680 Speaker 1: By uttering that simple truth, McConnell performed an essential service 539 00:30:13,720 --> 00:30:17,080 Speaker 1: to his party and the country. He seems to recognize 540 00:30:17,120 --> 00:30:20,480 Speaker 1: the obvious that attempting to rebrand a violent attack as 541 00:30:20,600 --> 00:30:25,600 Speaker 1: legitimate discourse isn't a winning campaign strategy. In two and beyond, 542 00:30:26,480 --> 00:30:29,320 Speaker 1: Republicans have hardly been profiles and courage when it comes 543 00:30:29,360 --> 00:30:32,840 Speaker 1: to standing up to former President Donald Trump, but McConnell 544 00:30:32,880 --> 00:30:35,760 Speaker 1: has consistently spoken at at key moments to protect the 545 00:30:35,800 --> 00:30:40,080 Speaker 1: integrity of the democratic process. For that, he deserves the 546 00:30:40,120 --> 00:30:44,960 Speaker 1: support of republicans and the respect of democrats. This editorial 547 00:30:44,960 --> 00:30:48,520 Speaker 1: was written by the Bloomberg Opinion Editorial Board. I'm David Shipley. 548 00:30:48,560 --> 00:30:51,120 Speaker 1: For more Bloomberg opinion, please go to Bloomberg dot com, 549 00:30:51,240 --> 00:30:54,880 Speaker 1: slash Opinion or OPA and go on the Bloomberg terminal. 550 00:30:55,080 --> 00:30:58,360 Speaker 1: These has been Bloomberg Opinion. You can hear Bloomberg opinion 551 00:30:58,440 --> 00:31:01,400 Speaker 1: editorials every weekday at this time, and terminal customers can 552 00:31:01,400 --> 00:31:04,880 Speaker 1: read more at O P I n GO, SMP. Future 553 00:31:04,960 --> 00:31:07,640 Speaker 1: is now down seven point staff futures up twenty three 554 00:31:07,760 --> 00:31:10,680 Speaker 1: NASDAC futures lower by thirty nine points in the tenure 555 00:31:10,760 --> 00:31:14,000 Speaker 1: down one thirty second yield one point nine three percent 556 00:31:14,440 --> 00:31:17,680 Speaker 1: ahead of inflation data. We'll talk next with Wells Fargo 557 00:31:17,720 --> 00:31:23,760 Speaker 1: senior economist Stairhouse. This is Bloomberg Bloomberg eleven three oh Weather. 558 00:31:23,840 --> 00:31:26,160 Speaker 1: Sunshine upper forties today, a mix of sun and clouds 559 00:31:26,200 --> 00:31:29,160 Speaker 1: Tomorrow upper forties, low fifties under a mix of sun 560 00:31:29,160 --> 00:31:32,440 Speaker 1: and cloud Saturday and light snow possible Super Bowl Sunday. 561 00:31:32,560 --> 00:31:39,360 Speaker 1: Right now forty in Central Park Markets. Headlines and breaking 562 00:31:39,360 --> 00:31:42,280 Speaker 1: news twenty four hours a day at Bloomberg dot com, 563 00:31:42,400 --> 00:31:45,920 Speaker 1: the Bloomberg Business at and at Bloomberg Quick Tape is 564 00:31:45,960 --> 00:31:55,720 Speaker 1: a Bloomberg business last and I'm Karen. Moscow and SMP 565 00:31:55,960 --> 00:32:00,320 Speaker 1: futures are slipping this morning. European stocks are little change. 566 00:32:00,400 --> 00:32:02,880 Speaker 1: Traders are shifting at a defensive mode ahead of some 567 00:32:03,040 --> 00:32:05,880 Speaker 1: p U S inflation data that may shape the use 568 00:32:05,920 --> 00:32:09,080 Speaker 1: on how aggressively the federal tighten monetary policy to check 569 00:32:09,120 --> 00:32:12,040 Speaker 1: the markets every fifteen minutes throughout the trading day. On Bloomberg, 570 00:32:12,120 --> 00:32:14,600 Speaker 1: SMP future is down about seven points and down Future 571 00:32:14,680 --> 00:32:17,880 Speaker 1: is up thirty five. Nasdaq Future is down forty two. 572 00:32:18,000 --> 00:32:20,320 Speaker 1: That decks in Germany is up to tenths of upper 573 00:32:20,360 --> 00:32:23,000 Speaker 1: set and your treasury that'll change at one point nine 574 00:32:23,040 --> 00:32:25,160 Speaker 1: three percent. The yield on the two year one point 575 00:32:25,160 --> 00:32:27,800 Speaker 1: three four percent night Make Screwed Oil is up four 576 00:32:27,840 --> 00:32:29,920 Speaker 1: tenths per cent or thirty six cents at ninety dollars 577 00:32:30,000 --> 00:32:32,320 Speaker 1: two cents of Barrel Co makes Goal down to tenths 578 00:32:32,320 --> 00:32:34,720 Speaker 1: per cent or two dollars ninety cents at eighteen thirty three. 579 00:32:34,760 --> 00:32:37,640 Speaker 1: Sixty announced the euro one point one four four two 580 00:32:37,640 --> 00:32:40,320 Speaker 1: against the dollar. British found one point three five six seven, 581 00:32:40,680 --> 00:32:42,960 Speaker 1: and the ends at one fifteen point eight three bitcoin 582 00:32:43,040 --> 00:32:46,920 Speaker 1: this morning at forty four thousand, six thirty dollars. That's 583 00:32:46,960 --> 00:32:49,480 Speaker 1: a Bloomberg Business Flashtown. Here's Michael Barr with more on 584 00:32:49,600 --> 00:32:54,720 Speaker 1: what's going on around the world. Michael, thank you very much, Karen. 585 00:32:54,840 --> 00:32:58,640 Speaker 1: The protest over COVID restrictions blocking freight traffic from Detroit 586 00:32:58,720 --> 00:33:01,960 Speaker 1: into Canada is starting to at crucial supply. Chains Ford 587 00:33:02,080 --> 00:33:04,960 Speaker 1: was forced to handle a Canadian engine factory and operate 588 00:33:05,000 --> 00:33:09,120 Speaker 1: an assembly plan that reduced capacity. Bob Sagett died of 589 00:33:09,240 --> 00:33:12,520 Speaker 1: head trauma. That's according to a statement from his family, 590 00:33:12,520 --> 00:33:16,080 Speaker 1: who say apparently Saget accidentally hit the back of his 591 00:33:16,160 --> 00:33:18,840 Speaker 1: head on something, thought nothing of it and went to sleep. 592 00:33:19,240 --> 00:33:21,600 Speaker 1: The US has won three gold medals of the Beijing 593 00:33:21,680 --> 00:33:24,760 Speaker 1: Olympics so far, including by figure skater Nathan jen in 594 00:33:24,760 --> 00:33:28,080 Speaker 1: the men's individual event. NFL commissioned to Roner Goodell says 595 00:33:28,080 --> 00:33:31,120 Speaker 1: the league will deal with discrimination in a serious way 596 00:33:31,120 --> 00:33:35,080 Speaker 1: if he finds team violations in the NHL. The Islanders 597 00:33:35,160 --> 00:33:38,880 Speaker 1: one NBA action the Warriors lost. Global News twenty four 598 00:33:38,880 --> 00:33:41,600 Speaker 1: hours a day on air and on Bloomberg Quick Take, 599 00:33:41,840 --> 00:33:44,880 Speaker 1: powered by more than un journalists, an analyist more than 600 00:33:44,920 --> 00:33:47,880 Speaker 1: a hundred twenty countries. I'm Michael bar This is Bloomberg. 601 00:33:47,960 --> 00:33:50,840 Speaker 1: Nathan Okay, Michael. Thanks. It's five forty nine on Wall 602 00:33:50,920 --> 00:33:53,960 Speaker 1: Street Live from the Bloomberg Interacted Broker's studios. This is 603 00:33:54,040 --> 00:33:57,560 Speaker 1: Bloomberg Daybreak and Sarah House is with us now, senior 604 00:33:57,560 --> 00:34:00,720 Speaker 1: economist at Wells Fargo. As we await could be another 605 00:34:00,880 --> 00:34:05,360 Speaker 1: historically high reading on consumer prices for the month of January. Sarah, 606 00:34:05,440 --> 00:34:09,560 Speaker 1: good morning. We're already near a forty year high on inflation. 607 00:34:09,719 --> 00:34:12,279 Speaker 1: Is there any reason to think that today's number will 608 00:34:12,320 --> 00:34:15,319 Speaker 1: be any different? Well, I think we're going to see 609 00:34:15,320 --> 00:34:18,319 Speaker 1: another big gain in terms of the monthly reading. So 610 00:34:18,400 --> 00:34:21,399 Speaker 1: we're looking for a zero point four percent increase, which 611 00:34:21,440 --> 00:34:24,040 Speaker 1: would push the year over Europe to seven point two percent, 612 00:34:24,200 --> 00:34:27,360 Speaker 1: so even higher than than where we're sitting right now. 613 00:34:27,960 --> 00:34:29,719 Speaker 1: And when I think, when you step back and you 614 00:34:29,719 --> 00:34:31,439 Speaker 1: look at the trend, at least over the past couple 615 00:34:31,480 --> 00:34:34,239 Speaker 1: of months, we are seeing some signs of moderating, but 616 00:34:34,440 --> 00:34:36,959 Speaker 1: even then we're seeing them pushed and continuing to run 617 00:34:37,040 --> 00:34:40,160 Speaker 1: at a pretty high rate. So just because things are 618 00:34:40,200 --> 00:34:42,960 Speaker 1: looking a little bit better doesn't mean they're nowhere near 619 00:34:43,040 --> 00:34:45,400 Speaker 1: good enough for I think what the FET is looking 620 00:34:45,440 --> 00:34:48,080 Speaker 1: for and of course what's going to be more friendly 621 00:34:48,120 --> 00:34:51,040 Speaker 1: to consumers. Where are you seeing those signs of moderation 622 00:34:51,080 --> 00:34:54,520 Speaker 1: and do you think we're close to peak inflation? Well, 623 00:34:54,600 --> 00:34:56,800 Speaker 1: this month at least, I think we'll see some softness 624 00:34:56,880 --> 00:34:59,240 Speaker 1: and energy, and in part just due to the seasonal 625 00:35:00,000 --> 00:35:02,480 Speaker 1: think some of the softness will also be driven by 626 00:35:02,640 --> 00:35:06,400 Speaker 1: travel services. As a Macron did weigh on demand in 627 00:35:06,600 --> 00:35:10,080 Speaker 1: that area. But I think when you look ahead, UM, 628 00:35:10,160 --> 00:35:13,000 Speaker 1: we'll probably see monthly games somewhere around zero point three 629 00:35:13,040 --> 00:35:16,839 Speaker 1: to zero point four percent. That's about five percent annualized. Now, 630 00:35:16,920 --> 00:35:18,719 Speaker 1: of course that's a step down from where we are, 631 00:35:18,719 --> 00:35:20,479 Speaker 1: and we think some of that's going to come from 632 00:35:20,880 --> 00:35:23,759 Speaker 1: goods inflation not rising nearly as steep as what we 633 00:35:23,840 --> 00:35:26,960 Speaker 1: saw over over last year. But that doesn't mean that 634 00:35:27,040 --> 00:35:29,880 Speaker 1: this is a benign environment by any means. We should 635 00:35:29,880 --> 00:35:33,600 Speaker 1: still see good good inflation. UM, at least good prices 636 00:35:33,640 --> 00:35:36,680 Speaker 1: continue to rise, So you think some of this is 637 00:35:36,719 --> 00:35:40,640 Speaker 1: still driven by supply chain issues. I wonder whether we 638 00:35:40,880 --> 00:35:43,840 Speaker 1: could start to see any effect from this, uh, this 639 00:35:43,960 --> 00:35:46,760 Speaker 1: Trucker protest. I wonder if it's too soon to factor 640 00:35:46,920 --> 00:35:49,560 Speaker 1: that in But is there still some of that in 641 00:35:49,600 --> 00:35:53,359 Speaker 1: play here. I think it's probably a little bit soon 642 00:35:53,560 --> 00:35:56,160 Speaker 1: for for the trucker protest, but it's a good reminder 643 00:35:56,239 --> 00:35:59,480 Speaker 1: that we're still running on very thin inventories. Now. The 644 00:35:59,520 --> 00:36:02,799 Speaker 1: inventory picture has stabilized a little bit here recently, if 645 00:36:02,840 --> 00:36:05,400 Speaker 1: you're looking at the retail inventory to sales ratio, or 646 00:36:05,440 --> 00:36:07,880 Speaker 1: just the fact that we were able to actually increase 647 00:36:07,920 --> 00:36:11,320 Speaker 1: inventories for the first time all year in the fourth quarter, 648 00:36:11,719 --> 00:36:13,920 Speaker 1: But there's not a lot of room for air further 649 00:36:14,040 --> 00:36:17,279 Speaker 1: disruptions before you start to see those effects begin to 650 00:36:17,360 --> 00:36:20,759 Speaker 1: hit prices again. So while we're looking for a moderating 651 00:36:20,840 --> 00:36:23,880 Speaker 1: rate of goods, inflation is still likely to be strong, 652 00:36:23,920 --> 00:36:26,160 Speaker 1: and there's all sorts of risks that that could change 653 00:36:26,200 --> 00:36:28,600 Speaker 1: that that view, And of course there's still this debate 654 00:36:28,640 --> 00:36:33,880 Speaker 1: going on about whether fiscal policy monetary policy is feeding 655 00:36:33,880 --> 00:36:36,160 Speaker 1: into the price pressures we're seeing as well. Where do 656 00:36:36,160 --> 00:36:39,480 Speaker 1: you stand on that and what effect, if any, could 657 00:36:39,960 --> 00:36:44,480 Speaker 1: a more hawkish fed play on these historic pressures that 658 00:36:44,520 --> 00:36:47,400 Speaker 1: we're seeing. Well, I still think that a lot of 659 00:36:47,400 --> 00:36:50,759 Speaker 1: the inflation that we're seeing is still rooted in the pandemic. 660 00:36:50,960 --> 00:36:54,000 Speaker 1: So the change in the pattern of spending that we 661 00:36:54,040 --> 00:36:57,440 Speaker 1: saw along with the tremendous policy support both on the 662 00:36:57,440 --> 00:37:01,400 Speaker 1: fiscal and in monetary policy side, and that of course 663 00:37:01,480 --> 00:37:05,239 Speaker 1: is fading. So fiscal supports with the end of the 664 00:37:05,320 --> 00:37:07,719 Speaker 1: child tax credit at the end of last year, you know, 665 00:37:07,760 --> 00:37:10,120 Speaker 1: we really don't have much at all coming through the 666 00:37:10,120 --> 00:37:13,080 Speaker 1: pike on that front. That's going to lead real disposable 667 00:37:13,120 --> 00:37:17,320 Speaker 1: income to basically tread water um but essentially until about June, 668 00:37:17,400 --> 00:37:20,200 Speaker 1: so that that factor is fading. And then of course 669 00:37:20,239 --> 00:37:24,400 Speaker 1: you have the title monetary policy, which is likely to 670 00:37:24,560 --> 00:37:28,120 Speaker 1: affect things like mortgage rates and therefore home prices. That's 671 00:37:28,120 --> 00:37:30,200 Speaker 1: going to take a little bit to feed through. But 672 00:37:30,360 --> 00:37:33,440 Speaker 1: these are factors that are leading to this overall slowdown 673 00:37:33,480 --> 00:37:36,759 Speaker 1: that we're looking for. An inflation here. So in the 674 00:37:36,880 --> 00:37:39,120 Speaker 1: last thirty seconds here, how much do you expect the 675 00:37:39,200 --> 00:37:41,560 Speaker 1: CPI print a factor into what the FED the sides 676 00:37:41,640 --> 00:37:45,480 Speaker 1: next month? Are you thinking we could see half percentage 677 00:37:45,520 --> 00:37:48,560 Speaker 1: point great hike next month? Well, this will be a 678 00:37:48,640 --> 00:37:51,480 Speaker 1: key data point. Now we do get one more CPI 679 00:37:51,600 --> 00:37:54,080 Speaker 1: print before the March meeting, so this isn't the end 680 00:37:54,120 --> 00:37:57,040 Speaker 1: all be all, but I think this inflation print, the 681 00:37:57,080 --> 00:37:59,719 Speaker 1: next one and the next job's reading in and what 682 00:37:59,760 --> 00:38:01,719 Speaker 1: we've be there and average early earnings are going to 683 00:38:01,800 --> 00:38:05,600 Speaker 1: be the primary determinants of what the FETs thinking heading 684 00:38:05,640 --> 00:38:08,279 Speaker 1: into that next meeting and whether fifty basis points could 685 00:38:08,280 --> 00:38:11,040 Speaker 1: actually be on the table. More data dependence to come. 686 00:38:11,160 --> 00:38:13,319 Speaker 1: Thanks for the Sarah, Good having you on. Sarah House, 687 00:38:13,360 --> 00:38:16,800 Speaker 1: senior economist at Wells Fargo with us this morning. Karen Nathan, 688 00:38:16,840 --> 00:38:18,799 Speaker 1: it is five three on WALLA Street. Time for the 689 00:38:18,800 --> 00:38:21,520 Speaker 1: Bloomberg Law Report. We get to the legal stories we're 690 00:38:21,520 --> 00:38:28,360 Speaker 1: watching this morning from Bloomberg's Jeff Bellainger. A federal appeals 691 00:38:28,400 --> 00:38:31,719 Speaker 1: court refused to lift an injunction the blocks enforcement of 692 00:38:31,760 --> 00:38:36,919 Speaker 1: the Biden Administration's vaccination requirement for federal workers. Medicare's care 693 00:38:37,000 --> 00:38:40,840 Speaker 1: Compare website will include information on the COVID vaccine booster 694 00:38:40,960 --> 00:38:45,680 Speaker 1: rates among residents and staff and individual nursing homes. Automated 695 00:38:45,719 --> 00:38:49,160 Speaker 1: collection and unfiled tax return notices are being put on 696 00:38:49,280 --> 00:38:52,840 Speaker 1: hold by the Internal Revenue Service. It's an acknowledgement that 697 00:38:52,920 --> 00:38:56,759 Speaker 1: the agency needs to work through a backlog of unprocessed returns. 698 00:38:57,000 --> 00:39:01,880 Speaker 1: Bloomberg Law everything you need, all on one legal research platform, 699 00:39:02,040 --> 00:39:06,680 Speaker 1: including guidance analysis and Bloomberg Market Intelligence. Find out more 700 00:39:06,719 --> 00:39:10,800 Speaker 1: at Bloomberg law dot com. All right, Jeff, thank you know. 701 00:39:10,880 --> 00:39:13,919 Speaker 1: Another legal story we're watching brings us to the election law. 702 00:39:13,960 --> 00:39:17,560 Speaker 1: A divided Supreme Court delta blow to minority of voting 703 00:39:17,640 --> 00:39:21,319 Speaker 1: rights by reinstating an Alabama congressional map that creates only 704 00:39:21,360 --> 00:39:24,720 Speaker 1: one district likely to elect a black representative. A lower 705 00:39:24,800 --> 00:39:27,800 Speaker 1: court had ruled that federal law required a second district 706 00:39:27,800 --> 00:39:31,399 Speaker 1: because of the state's population is black. It's the first 707 00:39:31,400 --> 00:39:34,800 Speaker 1: Supreme Court test for new districts being drawn around the country. 708 00:39:35,200 --> 00:39:37,640 Speaker 1: For more in the decision, Bloomberg's during Grosso speaks to 709 00:39:37,680 --> 00:39:40,840 Speaker 1: elections law expert Rebecca Green, a professor at William and 710 00:39:40,880 --> 00:39:45,280 Speaker 1: Mary Law School. I've seen a lot of headlines that say, 711 00:39:45,360 --> 00:39:48,320 Speaker 1: in one form or another that this is a blow 712 00:39:48,520 --> 00:39:52,600 Speaker 1: to minority voting rights. Do you agree, and if so, 713 00:39:52,880 --> 00:39:55,640 Speaker 1: how much of a blow. Well, if you believe in 714 00:39:55,920 --> 00:39:59,640 Speaker 1: the protections the Voting Rights Act is supposed to afford 715 00:40:00,000 --> 00:40:04,279 Speaker 1: minority voters in redistricting cases, then this is certainly a 716 00:40:04,320 --> 00:40:09,280 Speaker 1: blow because the map that the state of Alabama drew 717 00:40:10,360 --> 00:40:14,480 Speaker 1: is sort of textbook vote dilution. In other words, it 718 00:40:14,480 --> 00:40:18,880 Speaker 1: packs minority voters in one district, and it cracks a 719 00:40:18,920 --> 00:40:22,800 Speaker 1: group of minority voters in half to dilute their strength. 720 00:40:22,840 --> 00:40:25,879 Speaker 1: So it's it's sort of textbook packing and cracking. Um. 721 00:40:25,880 --> 00:40:28,040 Speaker 1: And to the extent that the court's order means that 722 00:40:28,200 --> 00:40:33,200 Speaker 1: the maps will go forward with those diluted districts, then 723 00:40:33,360 --> 00:40:35,800 Speaker 1: you know that certainly will be harmful I repartably to 724 00:40:36,000 --> 00:40:38,759 Speaker 1: minority voters. Um. Like I said, this is sort of 725 00:40:38,800 --> 00:40:41,359 Speaker 1: a textbook violation of Section to at least as far 726 00:40:41,360 --> 00:40:44,240 Speaker 1: as the Court has been concerned. Up until now, there's 727 00:40:44,280 --> 00:40:48,160 Speaker 1: no opinion for the majority. But in a concurring opinion, 728 00:40:48,480 --> 00:40:53,120 Speaker 1: Justice Brett Kavanaugh, joined by Justice Samuel Alito, said that 729 00:40:53,200 --> 00:40:57,120 Speaker 1: this decision was necessary because the lower court had acted 730 00:40:57,480 --> 00:41:02,040 Speaker 1: too soon before coming election. Do you buy that reasoning, Well, 731 00:41:02,080 --> 00:41:05,080 Speaker 1: it's certainly a novel claim. I mean, the Purcell principle, 732 00:41:05,160 --> 00:41:07,920 Speaker 1: as it's known, is just sort of this idea that 733 00:41:07,960 --> 00:41:12,000 Speaker 1: you shouldn't make changes Federal courts shouldn't make changes um 734 00:41:12,080 --> 00:41:15,000 Speaker 1: right before an election, because it would confuse voters and 735 00:41:15,000 --> 00:41:18,280 Speaker 1: would make it difficult for the election officials to administer 736 00:41:18,360 --> 00:41:22,279 Speaker 1: the election. But neither of those issues are present here 737 00:41:22,320 --> 00:41:25,000 Speaker 1: where we're months and months away from an election and 738 00:41:25,080 --> 00:41:28,200 Speaker 1: where remedial maps could be drawn, you know, basically with 739 00:41:28,360 --> 00:41:31,600 Speaker 1: the snap of a finger. So it's hard to square 740 00:41:31,840 --> 00:41:35,240 Speaker 1: that argument. And it's certainly a very sort of big 741 00:41:35,360 --> 00:41:38,839 Speaker 1: extension of the principle to say, you know, months out 742 00:41:38,920 --> 00:41:41,279 Speaker 1: a federal court can't mess with the state's plan. And 743 00:41:41,320 --> 00:41:44,839 Speaker 1: I think but especially worrisome about it is maybe it's 744 00:41:44,840 --> 00:41:47,399 Speaker 1: going to mean that, you know, line gars dragged their 745 00:41:47,400 --> 00:41:50,399 Speaker 1: feet to pass maps, because if they can get it within, 746 00:41:50,520 --> 00:41:53,400 Speaker 1: you know, many months out from a primary election, then 747 00:41:53,480 --> 00:41:55,880 Speaker 1: maybe they can win on the perspell principle, which just 748 00:41:56,120 --> 00:41:58,520 Speaker 1: is a very bad sort of incentive to to set 749 00:41:58,600 --> 00:42:01,120 Speaker 1: up and as your back A Green, a professor at 750 00:42:01,120 --> 00:42:04,360 Speaker 1: William and Mary Law School, speaking with the Bloomberg's June Grosso. 751 00:42:04,480 --> 00:42:07,200 Speaker 1: Catch more of that interview, plus analysis of the latest 752 00:42:07,280 --> 00:42:10,200 Speaker 1: legal news by listening to the Bloomberg Law Show at 753 00:42:10,200 --> 00:42:13,799 Speaker 1: ten pm Eastern Time or subscribing to the Bloomberg Law Podcast, 754 00:42:14,040 --> 00:42:17,280 Speaker 1: and attorneys can find exceptional legal research and business development 755 00:42:17,280 --> 00:42:21,759 Speaker 1: tools at Bloomberg Law dot com. SMP futures are down 756 00:42:21,800 --> 00:42:24,520 Speaker 1: about six points this morning. Dal future is higher of 757 00:42:24,640 --> 00:42:28,560 Speaker 1: fifty NASDACK futures down forty QO and a ten year 758 00:42:28,600 --> 00:42:31,359 Speaker 1: treasury little change. He at one point nme three per cent, 759 00:42:31,760 --> 00:42:34,080 Speaker 1: and they yield on the two year one point three 760 00:42:34,160 --> 00:42:37,359 Speaker 1: four percent. Nine make screwed oils up seven tenths per 761 00:42:37,400 --> 00:42:40,240 Speaker 1: cent or sixty four cents at ninety dollars thirty cents 762 00:42:40,239 --> 00:42:44,880 Speaker 1: of barrel and straight ahead. We have our top stories 763 00:42:44,920 --> 00:42:47,880 Speaker 1: as Bloomberg day break continues. This is Bloomberg