Speaker 1: Bloomberg Audio Studios, Podcasts, radio news.
Speaker 2: Good morning, I'm Nathan Hager.
Speaker 1: And I'm Karen Moscow. Here are the stories we're following today.
Speaker 3: The rematch is all but set. President Joe Biden and
Speaker 3: former President Donald Trump have clinched their party's presidential nominations
Speaker 3: with decisive victories in a slate of low profile primaries
Speaker 3: in Georgia, Mississippi, Washington State, and Hawaii. Bloomberg White House
Speaker 3: reporter Stephanie Lai says it's going to be a long
Speaker 3: race to the vote in November.
Speaker 4: What's really notable is just how early it is now
Speaker 4: that we're just part way through March. This is much
Speaker 4: earlier than the other candidates, Clinch's nomination when they were
Speaker 4: in a crowded field and before they were the incumbent
Speaker 4: in the race. What it means now that we have
Speaker 4: eight months before the general election is this might be
Speaker 4: the longest general election matchup in recent history, and so
Speaker 4: we should expect many, many attack ads, many rallies, and
Speaker 4: possibly even voter fatigue with just the sheer amount of
Speaker 4: back and forth and polarized messaging that we're going to
Speaker 4: see in the next eight months.
Speaker 3: Bloomberg Stephanie Lai notes Trump leads Biden in seven swing states,
Speaker 3: pulled by Bloomberg News in Morning consult. The former president
Speaker 3: has repeatedly slammed Biden's immigration policies, as well as his
Speaker 3: age and memory, even as Trump has faced questions about
Speaker 3: his own mental acuity well Nathan.
Speaker 1: Questions about President Biden's mental fitness took center stage with
Speaker 1: Special Counsel Robert Hurr on Capitol Hill. He's the prosecutor
Speaker 1: who declined to charge the President over his handling of
Speaker 1: classified documents and a report that described Biden as a
Speaker 1: well meaning elderly man with a poor memory. Her took
Speaker 1: by partisan fire before the House Judiciary Committee. From Republican
Speaker 1: at Tom McClintock.
Speaker 5: All I have to do when I'm caught taking home
Speaker 5: classified materials to say, I'm sorry, mister Herbert, but I'm
Speaker 5: getting old.
Speaker 6: My memory is not so great.
Speaker 5: Yeah, Congressman, Now, this is the doctrine that you've established
Speaker 5: in our laws now, and it's frightening.
Speaker 1: Congressman, my intent is certainly not to establish any sort
Speaker 1: of doctrine.
Speaker 7: And from Democrat Adam Schiff, you chose.
Speaker 8: A general pejorative reference to the president.
Speaker 2: You understood when you made that decision.
Speaker 3: Didn't mister Herr, that you would ignite a political firestorm
Speaker 3: with that language, didn't.
Speaker 9: You, Congressman, politics played no part whatsoever in my investigative steps.
Speaker 1: Special Counsel her says he needed to show his work
Speaker 1: when it came to deciding not to charge the president.
Speaker 1: He says he did not sanitize the explanation or disparash
Speaker 1: the president unfairly.
Speaker 3: Staying in Washington, cativity has picked up dramatically in both
Speaker 3: the House and Senate over the bill that could force
Speaker 3: China's Byte Dance to sell TikTok Bloomberg's at Baxter has more.
Speaker 5: A vote is scheduled for the House today and is
Speaker 5: expected to get the two thirds majority vote needed. Former
Speaker 5: Housepeaker Nancy Pelosi on Bloomberg says, they are not attempting
Speaker 5: to bantick.
Speaker 10: We want TikTok to exist. We're not there to ban it.
Speaker 10: I've said, we want to make it TikTok toe. We
Speaker 10: want to make it something that is not a fearful
Speaker 10: social media platform, but one that is very positive. And
Speaker 10: in order to do that, we have to see the
Speaker 10: divesting of it from the Chinese government.
Speaker 5: Now TikTok Ceo show show has been on Capitol Hall
Speaker 5: to talk with senators vote. There is expected to be
Speaker 5: much tighter at Baxter Bloomberg Radio.
Speaker 7: All right, ed, thanks well.
Speaker 1: Turning to geopolitics, So warning from the President of Poland.
Speaker 1: In an interview with Bloomberg's Joe Matthew and Kaylee Lines,
Speaker 1: Andre Dudah said Vladimir Putin would attack other states if
Speaker 1: Russia wins its war in Ukraine. Here's President Dudah speaking
Speaker 1: through an interpreter.
Speaker 11: We are the nation who was enslaved by Russia several times.
Speaker 11: If Russia wins the war in New Green wins the
Speaker 11: worry Ni grant, he will attack one more time. He
Speaker 11: will attack other states because this is a Russian paralyism
Speaker 11: being worn, and it is greedy. It will be linked
Speaker 11: to texture. That is why it has to be stopped.
Speaker 11: It has to be blocked and it has to be punished.
Speaker 11: And this is the most important task that is chasing
Speaker 11: the community of the West today, and this community is
Speaker 11: led by the United States of America.
Speaker 1: And Polish President Andrea Duda's warning lands at a critical
Speaker 1: moment in the war, with ally Instagram linked to provide
Speaker 1: Ukraine with more military assistance. For the extended conversation, head
Speaker 1: over to the Bloomberg Talks podcast feed. Find it on Apple, Spotify,
Speaker 1: or anywhere else you get your podcasts.
Speaker 3: Well, now let's turn to the markets. Karen stocks begin
Speaker 3: the day once again in record territory. The S and
Speaker 3: P five hundred rows more than one percent yesterday, as
Speaker 3: the latest inflation figures did little to alter bets that
Speaker 3: the Federal Reserve will cut rates this year. Morgan Stanley
Speaker 3: equity strategist Mike Wilson, though, remains cautious.
Speaker 12: People are reaching for risk because you know, there's FOMA.
Speaker 12: We don't see the justification for higher multiples given that
Speaker 12: we basically have no earnings growth across the broader economy.
Speaker 12: A situation is still kind of a difficult operating environment,
Speaker 12: and so we're going to be very selective. And that's
Speaker 12: why we think it's you know, you got to be
Speaker 12: a stock picker here.
Speaker 8: You can't just buy the index.
Speaker 3: Morgan Stanley's Mike Wilson is sticking with his year end
Speaker 3: target of forty five hundred for the S and P
Speaker 3: five hundred. That's about thirteen percent below current levels.
Speaker 7: From markets to the economy now, Nathan.
Speaker 1: We are officially one week away from the fed's next
Speaker 1: policy meeting, and another Wall Street titan is speaking out
Speaker 1: on the direction of interest rates. We get the latest
Speaker 1: from Bloomberg's John Tucker, John and Karen Ken.
Speaker 13: Griffin says the FED should move slowly and lowering right
Speaker 13: so they don't have to reverse course later. The founder
Speaker 13: of the hedge fund Empire Citadel, telling the Futures Industry
Speaker 13: Association pausing and then changing direction back toward higher rates
Speaker 13: quickly would be the most devastating course of action to pursue. Well,
Speaker 13: he thinks the FED will be slower than people are
Speaker 13: expecting for that very reason. FED Chair j Powell last
Speaker 13: week suggested the Central Bank is getting close to the
Speaker 13: confidence it needs to start lowering into rates, and investors
Speaker 13: are still pricing a June rate cut. That's even after
Speaker 13: yesterday's hotter than expected CPI. Griffin also said Citadel's participation
Speaker 13: in this month's rescue of New York Community Bank was
Speaker 13: the right price. John Tucker, Bloomberg Radio, All.
Speaker 8: Right, John. Thanks.
Speaker 3: Over Europe, the UK economies rebounded after slipping into a recession.
Speaker 3: Gross domestic product rows two tenths of one percent in
Speaker 3: January and followed a tenth of a percent decline in December.
Speaker 3: Services and construction delivered the gains, offsetting a drop in
Speaker 3: industrial production.
Speaker 7: Well in Asia.
Speaker 1: Nathan Bloomberg News has learned Chinese developer Country Garden Holdings
Speaker 1: has missed a coupon payment on a yuan bond for
Speaker 1: the first time. Country Gardens crisis entered a new chapter
Speaker 1: after a Hong Kong court received a creditors petition last
Speaker 1: month to wind up the company and.
Speaker 3: The company News Karen Bloomberg News has learned the Pentagons
Speaker 3: pulled out of a plan to spend billions on a
Speaker 3: chip grant to Intel.
Speaker 8: We get the story from Bloomberg's Doug Prisner.
Speaker 6: The funding was part of a spending package signed into
Speaker 6: law over the weekend by the President. It allocated three
Speaker 6: and a half billillion dollars for Intel to produce advanced
Speaker 6: defense and intelligence related semiconductors. But we're told the Pentagon
Speaker 6: is pulling as much as two and a half billion dollars,
Speaker 6: So the onus is on the Commerce Department to make
Speaker 6: up for that billion dollar shortfall. Through the Chips Act,
Speaker 6: lawmakers have directed Commerce to do so, and it could
Speaker 6: mean a greater share of Intel's funds from the Chips
Speaker 6: Act are devoted to military uses rather than commercial ones.
Speaker 6: In New York, I'm Doug Kristner, Bloomberg Radio.
Speaker 3: Okay, Doug, thanks and checking shares of Intel right now.
Speaker 3: They are down more than one percent in early trading.
Speaker 1: And it's time now for a look at some of
Speaker 1: the other stories making news in New York and around
Speaker 1: the world. For that, we're joined by Bloomberry's Michael Barr Michael,
Speaker 1: good Morning.
Speaker 14: Good morning, Karen. President Vladimir Putin says that Russia is
Speaker 14: ready to use nuclear weapons if there is a threat
Speaker 14: to Russian statehood, sovereignty, or independence. Speaking with Russian state
Speaker 14: television today, Putin said he hoped that the US would
Speaker 14: avoid any escalation that could trigger a nuclear war, but
Speaker 14: emphasized that Russia's nuclear forces are ready for it. Asked
Speaker 14: if he has ever considered using battlefield nuclear weapons in Ukraine,
Speaker 14: Putin responded that there has been no need for that. Meanwhile,
Speaker 14: the Pentagon says that it has found three hundred million
Speaker 14: dollars in cost of things that will now be used
Speaker 14: to meet Ukraine's immediate air defense, artillery and anti tank needs,
Speaker 14: defence Department spokesperson Major General pat Ryder.
Speaker 15: It will give them some much needed capability that will
Speaker 15: likely last in the week's timeframe, but nowhere even close
Speaker 15: to what they need to be able to continue to
Speaker 15: sustain this fight.
Speaker 14: Major General Riders says longer range missiles are included in
Speaker 14: the aid package. The US Army's seventh Transportation Brigade has
Speaker 14: been deployed following President Biden's orders to send troops to
Speaker 14: create an offshore aid port for Gaza. Their mission to
Speaker 14: build a giant floating pier off the coast of Gaza
Speaker 14: where aid and supplies will come before a civilian ship
Speaker 14: takes it ashore to help Palestinian civilians. Brigadier General Brad Henson,
Speaker 14: which is.
Speaker 12: Really just pontoons that are like legos.
Speaker 8: They all fit together, so.
Speaker 12: We'll have this roll on, roll on discharge facility that's
Speaker 12: approximately two to three miles off of the erected pier.
Speaker 14: General Henson says this is strictly a humanitarian mission and
Speaker 14: there will be no US soldiers on the ground. The
Speaker 14: Transport Workers Union is pushing back on Governor Kathy Hogle's
Speaker 14: plan to fight crime in the New York City subway system.
Speaker 14: The Transport Workers Union says it simply falls short of
Speaker 14: providing a sustainable, long term solution. The governor's plan includes
Speaker 14: using the National Guard and random bag checks. State troopers
Speaker 14: as well as police, are also being used to fight crime.
Speaker 14: TWU Local one hundred present cident Richard Davis also had
Speaker 14: strong words for the CEO of the MTA.
Speaker 9: General Leba is not working to me, he's not working
Speaker 9: with integrity or concern about our members, our tw members
Speaker 9: on the write in.
Speaker 14: Public audio courtesy of ABC seven. While President Biden and
Speaker 14: former President Trump have clinched the nominations to represent their
Speaker 14: parties in Novembers election, there is a third candidate that
Speaker 14: could play the role of spoiler. Independent candidate Robert F.
Speaker 14: Kennedy Junior could influence the election. There's word NFL quarterback
Speaker 14: Aaron Rodgers is on Kennedy's shortlist of potential running mates.
Speaker 14: Global News twenty four hours a day, whenever you want
Speaker 14: it with the Bloomberg News Now. I'm michae Lebarn This
Speaker 14: is Bloomberg Roent.
Speaker 7: All right, Michael, thank you.
Speaker 1: Time now for the Bloomberg Sports Update, brought to you
Speaker 1: by Tri State Houdy. For that, we bring in John Stashawer, John,
Speaker 1: Good morning.
Speaker 8: Good morning, Karen Nixon.
Speaker 16: Sixers at the Garden, just as it was forty eight
Speaker 16: hours earlier. In that one, Philly won seventy nine seventy three.
Speaker 16: The Sixers again scored seventy nine. This time, the nick
Speaker 16: scored thirty three more than they did on Sunday. They
Speaker 16: won by twenty seven. Welcome back og on anobi Ou.
Speaker 16: Since January, he scored fourteen points. Jalen Brunson and Josh
Speaker 16: Hart both at twenty hardhead a triple double. Knicks now
Speaker 16: hit the road. Four game trip starts tomorrow in Portland, Minnesota.
Speaker 16: Got thirty seven from Anthony Edwards and it went over
Speaker 16: the Clippers, the Timberwolves, Nuggets, and thunder all with forty
Speaker 16: five wins atop the West. The Celtics with their league
Speaker 16: leading fifty first win one twenty three one oh seven
Speaker 16: at Utah Rangers and Hurricanes and Raleigh scoreless late first period.
Speaker 2: Pashe leans on him to the near corner with fifteen
Speaker 2: to go, centering past Savaba, Chad gets it back.
Speaker 13: Tolindran flifty for deflection in front of goes off escape.
Speaker 7: Short fangals shop by Fox Peace scores.
Speaker 8: In New York, olling only goal.
Speaker 16: Rangers won one nothing, a second straight shutout for Igors,
Speaker 16: says Thirk, and first place Rangers have won thirteen to
Speaker 16: the last sixteen. They're now six points ahead of second
Speaker 16: place Carolina. Rangers were without their rookie enforcer Matt Remphy,
Speaker 16: suspended four gear for his hit of the Devils. Jonna Siegenthello,
Speaker 16: the six foot seven inch Rimpy, has quickly become a
Speaker 16: fan favorite, spending more time in the penalty box than
Speaker 16: on the ice College basketball Championship wig and they are celebrated.
Speaker 8: On Staten Island. The Wagner Seahawks.
Speaker 16: With an upset winn at the Northeast Conference Journey, they'll
Speaker 16: take a sixteen and fifteen record to.
Speaker 8: The NCAA Tournament.
Speaker 16: Yankees not saying much about the Garrett Cole elbow injury
Speaker 16: other than he needs more tests and is unlikely to
Speaker 16: pitch the season opener two weeks from tomorrow in Houston.
Speaker 16: More NFL free agent signings like Derrick Henry by Baltimore
Speaker 16: and the Giants have added a backup quarterback signing Drew
Speaker 16: Locke formerly with Seattle and Denver John stashieware Bloomberg Sports Kearnon.
Speaker 8: Nathan, Okay, John, thank you.
Speaker 3: Well, it may be months away till the conventions, not
Speaker 3: to mention the November election, but the twenty twenty four
Speaker 3: rematches all but set now. Both President Biden and former
Speaker 3: President Trump clinched their party's nominations following last night's primary results.
Speaker 3: And for more where you're joined by Bloomberg News Senior
Speaker 3: editor Bill Ferry. You know, Bill, it's amazing to think
Speaker 3: about the fact that the polls say this is the
Speaker 3: rematch that most voters don't want, but the voters certainly
Speaker 3: sealed it early.
Speaker 9: Yeah, buckle up, It's going to be quite a long
Speaker 9: election season, Nathan. We've almost never had an outside candidate
Speaker 9: like former President Trump sealed the nomination so quickly. Of course,
Speaker 9: not a surprise that the president of the incumbent did so,
Speaker 9: but this is now, this race is now official, and
Speaker 9: you know it comes I think, let's see you do
Speaker 9: the math, almost eight months before election day, and so
Speaker 9: that that means, especially if you're in one of these
Speaker 9: battleground states, You've got eight months of intense lobbying and
Speaker 9: commercials coming your way, and it's going to be you know,
Speaker 9: not surprisingly probably a very nasty fight. And as you said,
Speaker 9: it's the fight that voters in surveys for almost a
Speaker 9: year now said they don't didn't want to see am
Speaker 9: Actually they didn't want but then they defaulted to those
Speaker 9: choices when they went into the primaries voting booths. So
Speaker 9: it's maybe not what they wanted to see, but it's
Speaker 9: in some weird ways, it's what they've asked for.
Speaker 3: Well, it says something about how this process is decided.
Speaker 3: You have base voters going into primary elections. It raises
Speaker 3: the question about what general election voters are going to
Speaker 3: do when we have this long slog into November, raising
Speaker 3: the question about whether we're going to see voter fatigue
Speaker 3: along the way.
Speaker 8: Yeah.
Speaker 9: Absolutely. I mean it's always been the most motivated, hardcore
Speaker 9: voters in both parties who turn out for these primaries.
Speaker 9: And you know, when you look you look at the
Speaker 9: on the Republican side, you did see, interestingly, you know,
Speaker 9: a fairly notable percentage of voters who went for Nicki
Speaker 9: Haley there at the end, anywhere from about twenty percent
Speaker 9: to forty percent. And some of those primaries we saw
Speaker 9: from South Carolina, Haley's home state, and including the Super
Speaker 9: Tuesday States last week, So there is there is definitely
Speaker 9: a swath even of the people who vote in the primaries,
Speaker 9: who had some second thoughts about Donald Trump, and that's
Speaker 9: that's gonna be a big question mark hanging over the
Speaker 9: Republican side of this campaign is where do those voters
Speaker 9: go do they do they get back in the fold
Speaker 9: and go with their nominee Trump, Do they stay home
Speaker 9: on election Day? Or do they turn around and go
Speaker 9: for Biden? You know, it depends on how strongly they
Speaker 9: felt about Trump in the end, and we just don't know,
Speaker 9: and that's going to be a lot of attention is
Speaker 9: going to be focused on those voters going forward. And
Speaker 9: on the Democratic side, you have a lot of Democrats
Speaker 9: themselves who say they're concerned about the president's age and
Speaker 9: will they you know, will they rally themselves to show
Speaker 9: up in November, or will they stay home or will
Speaker 9: they look Will people on both sides look for one
Speaker 9: of these for a third party candidate like Robert Kennedy
Speaker 9: And it's a big x X mark in terms of
Speaker 9: how how he could affect the campaign because if that
Speaker 9: keeps going.
Speaker 2: This is Bloomberg Daybreak Today, your morning brief on the
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