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Speaker 1: Bloomberg Audio Studios, Podcasts, radio news.

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Speaker 2: Good morning, I'm Nathan Hager.

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Speaker 1: And I'm Karen Moscow. Here are the stories we're following today.

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Speaker 3: The rematch is all but set. President Joe Biden and

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Speaker 3: former President Donald Trump have clinched their party's presidential nominations

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Speaker 3: with decisive victories in a slate of low profile primaries

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Speaker 3: in Georgia, Mississippi, Washington State, and Hawaii. Bloomberg White House

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Speaker 3: reporter Stephanie Lai says it's going to be a long

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Speaker 3: race to the vote in November.

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Speaker 4: What's really notable is just how early it is now

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Speaker 4: that we're just part way through March. This is much

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Speaker 4: earlier than the other candidates, Clinch's nomination when they were

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Speaker 4: in a crowded field and before they were the incumbent

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Speaker 4: in the race. What it means now that we have

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Speaker 4: eight months before the general election is this might be

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Speaker 4: the longest general election matchup in recent history, and so

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Speaker 4: we should expect many, many attack ads, many rallies, and

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Speaker 4: possibly even voter fatigue with just the sheer amount of

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Speaker 4: back and forth and polarized messaging that we're going to

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Speaker 4: see in the next eight months.

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Speaker 3: Bloomberg Stephanie Lai notes Trump leads Biden in seven swing states,

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Speaker 3: pulled by Bloomberg News in Morning consult. The former president

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Speaker 3: has repeatedly slammed Biden's immigration policies, as well as his

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Speaker 3: age and memory, even as Trump has faced questions about

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Speaker 3: his own mental acuity well Nathan.

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Speaker 1: Questions about President Biden's mental fitness took center stage with

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Speaker 1: Special Counsel Robert Hurr on Capitol Hill. He's the prosecutor

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Speaker 1: who declined to charge the President over his handling of

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Speaker 1: classified documents and a report that described Biden as a

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Speaker 1: well meaning elderly man with a poor memory. Her took

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Speaker 1: by partisan fire before the House Judiciary Committee. From Republican

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Speaker 1: at Tom McClintock.

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Speaker 5: All I have to do when I'm caught taking home

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Speaker 5: classified materials to say, I'm sorry, mister Herbert, but I'm

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Speaker 5: getting old.

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Speaker 6: My memory is not so great.

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Speaker 5: Yeah, Congressman, Now, this is the doctrine that you've established

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Speaker 5: in our laws now, and it's frightening.

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Speaker 1: Congressman, my intent is certainly not to establish any sort

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Speaker 1: of doctrine.

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Speaker 7: And from Democrat Adam Schiff, you chose.

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Speaker 8: A general pejorative reference to the president.

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Speaker 2: You understood when you made that decision.

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Speaker 3: Didn't mister Herr, that you would ignite a political firestorm

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Speaker 3: with that language, didn't.

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Speaker 9: You, Congressman, politics played no part whatsoever in my investigative steps.

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Speaker 1: Special Counsel her says he needed to show his work

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Speaker 1: when it came to deciding not to charge the president.

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Speaker 1: He says he did not sanitize the explanation or disparash

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Speaker 1: the president unfairly.

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Speaker 3: Staying in Washington, cativity has picked up dramatically in both

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Speaker 3: the House and Senate over the bill that could force

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Speaker 3: China's Byte Dance to sell TikTok Bloomberg's at Baxter has more.

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Speaker 5: A vote is scheduled for the House today and is

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Speaker 5: expected to get the two thirds majority vote needed. Former

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Speaker 5: Housepeaker Nancy Pelosi on Bloomberg says, they are not attempting

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Speaker 5: to bantick.

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Speaker 10: We want TikTok to exist. We're not there to ban it.

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Speaker 10: I've said, we want to make it TikTok toe. We

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Speaker 10: want to make it something that is not a fearful

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Speaker 10: social media platform, but one that is very positive. And

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Speaker 10: in order to do that, we have to see the

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Speaker 10: divesting of it from the Chinese government.

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Speaker 5: Now TikTok Ceo show show has been on Capitol Hall

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Speaker 5: to talk with senators vote. There is expected to be

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Speaker 5: much tighter at Baxter Bloomberg Radio.

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Speaker 7: All right, ed, thanks well.

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Speaker 1: Turning to geopolitics, So warning from the President of Poland.

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Speaker 1: In an interview with Bloomberg's Joe Matthew and Kaylee Lines,

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Speaker 1: Andre Dudah said Vladimir Putin would attack other states if

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Speaker 1: Russia wins its war in Ukraine. Here's President Dudah speaking

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Speaker 1: through an interpreter.

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Speaker 11: We are the nation who was enslaved by Russia several times.

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Speaker 11: If Russia wins the war in New Green wins the

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Speaker 11: worry Ni grant, he will attack one more time. He

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Speaker 11: will attack other states because this is a Russian paralyism

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Speaker 11: being worn, and it is greedy. It will be linked

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Speaker 11: to texture. That is why it has to be stopped.

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Speaker 11: It has to be blocked and it has to be punished.

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Speaker 11: And this is the most important task that is chasing

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Speaker 11: the community of the West today, and this community is

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Speaker 11: led by the United States of America.

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Speaker 1: And Polish President Andrea Duda's warning lands at a critical

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Speaker 1: moment in the war, with ally Instagram linked to provide

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Speaker 1: Ukraine with more military assistance. For the extended conversation, head

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Speaker 1: over to the Bloomberg Talks podcast feed. Find it on Apple, Spotify,

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Speaker 1: or anywhere else you get your podcasts.

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Speaker 3: Well, now let's turn to the markets. Karen stocks begin

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Speaker 3: the day once again in record territory. The S and

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Speaker 3: P five hundred rows more than one percent yesterday, as

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Speaker 3: the latest inflation figures did little to alter bets that

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Speaker 3: the Federal Reserve will cut rates this year. Morgan Stanley

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Speaker 3: equity strategist Mike Wilson, though, remains cautious.

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Speaker 12: People are reaching for risk because you know, there's FOMA.

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Speaker 12: We don't see the justification for higher multiples given that

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Speaker 12: we basically have no earnings growth across the broader economy.

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Speaker 12: A situation is still kind of a difficult operating environment,

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Speaker 12: and so we're going to be very selective. And that's

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Speaker 12: why we think it's you know, you got to be

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Speaker 12: a stock picker here.

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Speaker 8: You can't just buy the index.

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Speaker 3: Morgan Stanley's Mike Wilson is sticking with his year end

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Speaker 3: target of forty five hundred for the S and P

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Speaker 3: five hundred. That's about thirteen percent below current levels.

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Speaker 7: From markets to the economy now, Nathan.

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Speaker 1: We are officially one week away from the fed's next

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Speaker 1: policy meeting, and another Wall Street titan is speaking out

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Speaker 1: on the direction of interest rates. We get the latest

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Speaker 1: from Bloomberg's John Tucker, John and Karen Ken.

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Speaker 13: Griffin says the FED should move slowly and lowering right

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Speaker 13: so they don't have to reverse course later. The founder

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Speaker 13: of the hedge fund Empire Citadel, telling the Futures Industry

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Speaker 13: Association pausing and then changing direction back toward higher rates

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Speaker 13: quickly would be the most devastating course of action to pursue. Well,

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Speaker 13: he thinks the FED will be slower than people are

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Speaker 13: expecting for that very reason. FED Chair j Powell last

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Speaker 13: week suggested the Central Bank is getting close to the

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Speaker 13: confidence it needs to start lowering into rates, and investors

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Speaker 13: are still pricing a June rate cut. That's even after

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Speaker 13: yesterday's hotter than expected CPI. Griffin also said Citadel's participation

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Speaker 13: in this month's rescue of New York Community Bank was

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Speaker 13: the right price. John Tucker, Bloomberg Radio, All.

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Speaker 8: Right, John. Thanks.

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Speaker 3: Over Europe, the UK economies rebounded after slipping into a recession.

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Speaker 3: Gross domestic product rows two tenths of one percent in

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Speaker 3: January and followed a tenth of a percent decline in December.

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Speaker 3: Services and construction delivered the gains, offsetting a drop in

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Speaker 3: industrial production.

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Speaker 7: Well in Asia.

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Speaker 1: Nathan Bloomberg News has learned Chinese developer Country Garden Holdings

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Speaker 1: has missed a coupon payment on a yuan bond for

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Speaker 1: the first time. Country Gardens crisis entered a new chapter

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Speaker 1: after a Hong Kong court received a creditors petition last

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Speaker 1: month to wind up the company and.

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Speaker 3: The company News Karen Bloomberg News has learned the Pentagons

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Speaker 3: pulled out of a plan to spend billions on a

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Speaker 3: chip grant to Intel.

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Speaker 8: We get the story from Bloomberg's Doug Prisner.

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Speaker 6: The funding was part of a spending package signed into

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Speaker 6: law over the weekend by the President. It allocated three

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Speaker 6: and a half billillion dollars for Intel to produce advanced

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Speaker 6: defense and intelligence related semiconductors. But we're told the Pentagon

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Speaker 6: is pulling as much as two and a half billion dollars,

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Speaker 6: So the onus is on the Commerce Department to make

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Speaker 6: up for that billion dollar shortfall. Through the Chips Act,

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Speaker 6: lawmakers have directed Commerce to do so, and it could

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Speaker 6: mean a greater share of Intel's funds from the Chips

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Speaker 6: Act are devoted to military uses rather than commercial ones.

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Speaker 6: In New York, I'm Doug Kristner, Bloomberg Radio.

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Speaker 3: Okay, Doug, thanks and checking shares of Intel right now.

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Speaker 3: They are down more than one percent in early trading.

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Speaker 1: And it's time now for a look at some of

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Speaker 1: the other stories making news in New York and around

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Speaker 1: the world. For that, we're joined by Bloomberry's Michael Barr Michael,

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Speaker 1: good Morning.

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Speaker 14: Good morning, Karen. President Vladimir Putin says that Russia is

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Speaker 14: ready to use nuclear weapons if there is a threat

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Speaker 14: to Russian statehood, sovereignty, or independence. Speaking with Russian state

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Speaker 14: television today, Putin said he hoped that the US would

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Speaker 14: avoid any escalation that could trigger a nuclear war, but

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Speaker 14: emphasized that Russia's nuclear forces are ready for it. Asked

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Speaker 14: if he has ever considered using battlefield nuclear weapons in Ukraine,

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Speaker 14: Putin responded that there has been no need for that. Meanwhile,

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Speaker 14: the Pentagon says that it has found three hundred million

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Speaker 14: dollars in cost of things that will now be used

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Speaker 14: to meet Ukraine's immediate air defense, artillery and anti tank needs,

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Speaker 14: defence Department spokesperson Major General pat Ryder.

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Speaker 15: It will give them some much needed capability that will

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Speaker 15: likely last in the week's timeframe, but nowhere even close

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Speaker 15: to what they need to be able to continue to

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Speaker 15: sustain this fight.

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Speaker 14: Major General Riders says longer range missiles are included in

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Speaker 14: the aid package. The US Army's seventh Transportation Brigade has

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Speaker 14: been deployed following President Biden's orders to send troops to

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Speaker 14: create an offshore aid port for Gaza. Their mission to

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Speaker 14: build a giant floating pier off the coast of Gaza

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Speaker 14: where aid and supplies will come before a civilian ship

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Speaker 14: takes it ashore to help Palestinian civilians. Brigadier General Brad Henson,

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Speaker 14: which is.

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Speaker 12: Really just pontoons that are like legos.

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Speaker 8: They all fit together, so.

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Speaker 12: We'll have this roll on, roll on discharge facility that's

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Speaker 12: approximately two to three miles off of the erected pier.

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Speaker 14: General Henson says this is strictly a humanitarian mission and

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Speaker 14: there will be no US soldiers on the ground. The

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Speaker 14: Transport Workers Union is pushing back on Governor Kathy Hogle's

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Speaker 14: plan to fight crime in the New York City subway system.

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Speaker 14: The Transport Workers Union says it simply falls short of

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Speaker 14: providing a sustainable, long term solution. The governor's plan includes

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Speaker 14: using the National Guard and random bag checks. State troopers

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Speaker 14: as well as police, are also being used to fight crime.

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Speaker 14: TWU Local one hundred present cident Richard Davis also had

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Speaker 14: strong words for the CEO of the MTA.

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Speaker 9: General Leba is not working to me, he's not working

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Speaker 9: with integrity or concern about our members, our tw members

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Speaker 9: on the write in.

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Speaker 14: Public audio courtesy of ABC seven. While President Biden and

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Speaker 14: former President Trump have clinched the nominations to represent their

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Speaker 14: parties in Novembers election, there is a third candidate that

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Speaker 14: could play the role of spoiler. Independent candidate Robert F.

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Speaker 14: Kennedy Junior could influence the election. There's word NFL quarterback

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Speaker 14: Aaron Rodgers is on Kennedy's shortlist of potential running mates.

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Speaker 14: Global News twenty four hours a day, whenever you want

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Speaker 14: it with the Bloomberg News Now. I'm michae Lebarn This

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Speaker 14: is Bloomberg Roent.

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Speaker 7: All right, Michael, thank you.

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Speaker 1: Time now for the Bloomberg Sports Update, brought to you

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Speaker 1: by Tri State Houdy. For that, we bring in John Stashawer, John,

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Speaker 1: Good morning.

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Speaker 8: Good morning, Karen Nixon.

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Speaker 16: Sixers at the Garden, just as it was forty eight

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Speaker 16: hours earlier. In that one, Philly won seventy nine seventy three.

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Speaker 16: The Sixers again scored seventy nine. This time, the nick

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Speaker 16: scored thirty three more than they did on Sunday. They

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Speaker 16: won by twenty seven. Welcome back og on anobi Ou.

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Speaker 16: Since January, he scored fourteen points. Jalen Brunson and Josh

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Speaker 16: Hart both at twenty hardhead a triple double. Knicks now

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Speaker 16: hit the road. Four game trip starts tomorrow in Portland, Minnesota.

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Speaker 16: Got thirty seven from Anthony Edwards and it went over

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Speaker 16: the Clippers, the Timberwolves, Nuggets, and thunder all with forty

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Speaker 16: five wins atop the West. The Celtics with their league

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Speaker 16: leading fifty first win one twenty three one oh seven

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Speaker 16: at Utah Rangers and Hurricanes and Raleigh scoreless late first period.

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Speaker 2: Pashe leans on him to the near corner with fifteen

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Speaker 2: to go, centering past Savaba, Chad gets it back.

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Speaker 13: Tolindran flifty for deflection in front of goes off escape.

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Speaker 7: Short fangals shop by Fox Peace scores.

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Speaker 8: In New York, olling only goal.

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Speaker 16: Rangers won one nothing, a second straight shutout for Igors,

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Speaker 16: says Thirk, and first place Rangers have won thirteen to

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Speaker 16: the last sixteen. They're now six points ahead of second

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Speaker 16: place Carolina. Rangers were without their rookie enforcer Matt Remphy,

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Speaker 16: suspended four gear for his hit of the Devils. Jonna Siegenthello,

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Speaker 16: the six foot seven inch Rimpy, has quickly become a

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Speaker 16: fan favorite, spending more time in the penalty box than

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Speaker 16: on the ice College basketball Championship wig and they are celebrated.

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Speaker 8: On Staten Island. The Wagner Seahawks.

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Speaker 16: With an upset winn at the Northeast Conference Journey, they'll

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Speaker 16: take a sixteen and fifteen record to.

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Speaker 8: The NCAA Tournament.

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Speaker 16: Yankees not saying much about the Garrett Cole elbow injury

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Speaker 16: other than he needs more tests and is unlikely to

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Speaker 16: pitch the season opener two weeks from tomorrow in Houston.

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Speaker 16: More NFL free agent signings like Derrick Henry by Baltimore

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Speaker 16: and the Giants have added a backup quarterback signing Drew

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Speaker 16: Locke formerly with Seattle and Denver John stashieware Bloomberg Sports Kearnon.

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Speaker 8: Nathan, Okay, John, thank you.

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Speaker 3: Well, it may be months away till the conventions, not

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Speaker 3: to mention the November election, but the twenty twenty four

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Speaker 3: rematches all but set now. Both President Biden and former

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Speaker 3: President Trump clinched their party's nominations following last night's primary results.

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Speaker 3: And for more where you're joined by Bloomberg News Senior

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Speaker 3: editor Bill Ferry. You know, Bill, it's amazing to think

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Speaker 3: about the fact that the polls say this is the

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Speaker 3: rematch that most voters don't want, but the voters certainly

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Speaker 3: sealed it early.

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Speaker 9: Yeah, buckle up, It's going to be quite a long

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Speaker 9: election season, Nathan. We've almost never had an outside candidate

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Speaker 9: like former President Trump sealed the nomination so quickly. Of course,

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Speaker 9: not a surprise that the president of the incumbent did so,

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Speaker 9: but this is now, this race is now official, and

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Speaker 9: you know it comes I think, let's see you do

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Speaker 9: the math, almost eight months before election day, and so

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Speaker 9: that that means, especially if you're in one of these

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Speaker 9: battleground states, You've got eight months of intense lobbying and

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Speaker 9: commercials coming your way, and it's going to be you know,

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Speaker 9: not surprisingly probably a very nasty fight. And as you said,

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Speaker 9: it's the fight that voters in surveys for almost a

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Speaker 9: year now said they don't didn't want to see am

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Speaker 9: Actually they didn't want but then they defaulted to those

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Speaker 9: choices when they went into the primaries voting booths. So

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Speaker 9: it's maybe not what they wanted to see, but it's

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Speaker 9: in some weird ways, it's what they've asked for.

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Speaker 3: Well, it says something about how this process is decided.

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Speaker 3: You have base voters going into primary elections. It raises

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Speaker 3: the question about what general election voters are going to

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Speaker 3: do when we have this long slog into November, raising

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Speaker 3: the question about whether we're going to see voter fatigue

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Speaker 3: along the way.

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Speaker 8: Yeah.

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Speaker 9: Absolutely. I mean it's always been the most motivated, hardcore

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Speaker 9: voters in both parties who turn out for these primaries.

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Speaker 9: And you know, when you look you look at the

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Speaker 9: on the Republican side, you did see, interestingly, you know,

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Speaker 9: a fairly notable percentage of voters who went for Nicki

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Speaker 9: Haley there at the end, anywhere from about twenty percent

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Speaker 9: to forty percent. And some of those primaries we saw

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Speaker 9: from South Carolina, Haley's home state, and including the Super

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Speaker 9: Tuesday States last week, So there is there is definitely

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Speaker 9: a swath even of the people who vote in the primaries,

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Speaker 9: who had some second thoughts about Donald Trump, and that's

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Speaker 9: that's gonna be a big question mark hanging over the

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Speaker 9: Republican side of this campaign is where do those voters

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Speaker 9: go do they do they get back in the fold

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Speaker 9: and go with their nominee Trump, Do they stay home

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Speaker 9: on election Day? Or do they turn around and go

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Speaker 9: for Biden? You know, it depends on how strongly they

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Speaker 9: felt about Trump in the end, and we just don't know,

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Speaker 9: and that's going to be a lot of attention is

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Speaker 9: going to be focused on those voters going forward. And

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Speaker 9: on the Democratic side, you have a lot of Democrats

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Speaker 9: themselves who say they're concerned about the president's age and

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Speaker 9: will they you know, will they rally themselves to show

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Speaker 9: up in November, or will they stay home or will

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Speaker 9: they look Will people on both sides look for one

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Speaker 9: of these for a third party candidate like Robert Kennedy

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Speaker 9: And it's a big x X mark in terms of

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Speaker 9: how how he could affect the campaign because if that

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Speaker 9: keeps going.

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