1 00:00:04,160 --> 00:00:07,960 Speaker 1: Line from the Bloomberg Interacted Berger Studios is Bloomberg Daybreak 2 00:00:08,039 --> 00:00:12,680 Speaker 1: four Thursday, June second two, Coming up the shower, Another 3 00:00:12,800 --> 00:00:15,880 Speaker 1: deadly mass shooting in the US, this time in Tulsa. 4 00:00:16,360 --> 00:00:19,360 Speaker 1: President Biden is likely to visit Saudi Arabia as gas 5 00:00:19,360 --> 00:00:23,439 Speaker 1: prices surge and Cheryl Sandberg steps down from Facebook parent 6 00:00:23,520 --> 00:00:26,880 Speaker 1: Metta after fourteen years. She tells this wine New York 7 00:00:26,920 --> 00:00:29,760 Speaker 1: Mayor Adams name is a gun violence are plus. President 8 00:00:29,800 --> 00:00:32,640 Speaker 1: Biden gets pushed back, saying no one anticipated the baby 9 00:00:32,680 --> 00:00:36,520 Speaker 1: formula shortage. Hi'm Michael Barr. More ahead, I've done stands 10 00:00:36,520 --> 00:00:39,200 Speaker 1: swards forwards. Another win for the Rangers. They beat Tampa 11 00:00:39,200 --> 00:00:41,440 Speaker 1: Bay in Game one the Mets one there six in 12 00:00:41,479 --> 00:00:47,320 Speaker 1: a row. That's all Strading ahead on Bloomberg Daybreak on 13 00:00:47,440 --> 00:00:51,920 Speaker 1: Bloomberg eleven, Free on New York, Bloomberg one, Washington, d C, 14 00:00:52,400 --> 00:00:55,960 Speaker 1: Bloomberg one oh six one, Boston, Bloomberg nine sixties and 15 00:00:56,080 --> 00:00:59,960 Speaker 1: Francisco Sirius x M one nineteen and around the world 16 00:01:00,160 --> 00:01:03,640 Speaker 1: on Bloomberg Radio dot Com and via the Bloomberg Business app. 17 00:01:07,440 --> 00:01:10,679 Speaker 1: And good Morning. I'm Karen Moscow, I'm Nathan Hagar. Bloomberg 18 00:01:10,760 --> 00:01:13,520 Speaker 1: Daybreak is brought to you by Informatica. In the cloud, 19 00:01:13,560 --> 00:01:16,319 Speaker 1: your data has the power to do the extraordinary. Manage 20 00:01:16,400 --> 00:01:19,000 Speaker 1: data across any location in the cloud for accurate and 21 00:01:19,080 --> 00:01:24,320 Speaker 1: actionable insights. More at Informatica, dot Com and US futures 22 00:01:24,360 --> 00:01:26,640 Speaker 1: are higher this morning five about one on Wall Street. 23 00:01:26,640 --> 00:01:29,160 Speaker 1: We checked the markets every fifteen minutes throughout the trading day. 24 00:01:29,200 --> 00:01:31,160 Speaker 1: On Bloomberg, U S and P future is up about 25 00:01:31,200 --> 00:01:34,120 Speaker 1: sixteen voice this morning, Down futures have eighty six and 26 00:01:34,200 --> 00:01:37,800 Speaker 1: NASDAG futures up sixties six. Nathan Well, Karen, We begin 27 00:01:37,920 --> 00:01:40,520 Speaker 1: this morning with yet another mass shooting in the US, 28 00:01:40,600 --> 00:01:44,319 Speaker 1: this time at a medical building in Tulsa, Oklahoma. Deputy 29 00:01:44,360 --> 00:01:47,160 Speaker 1: Police Chief Eric Dagley says a man carrying a rifle 30 00:01:47,240 --> 00:01:50,720 Speaker 1: and a handgun opened fire on employees and visitors before 31 00:01:50,760 --> 00:01:54,840 Speaker 1: turning his gun on himself. We have four civilians that 32 00:01:54,960 --> 00:01:59,080 Speaker 1: are um dead. We have one shooter that is dead 33 00:01:59,600 --> 00:02:03,720 Speaker 1: and right now we believe that is self inflicted. Deputy 34 00:02:03,760 --> 00:02:06,080 Speaker 1: Chief Eric Dougli says it took about three minutes for 35 00:02:06,160 --> 00:02:08,480 Speaker 1: officers to arrive at the scene and they made contact 36 00:02:08,560 --> 00:02:11,240 Speaker 1: with the gunman about ten minutes later. This comes after 37 00:02:11,320 --> 00:02:14,520 Speaker 1: recent mass shootings in Yvaldi, Texas, and Buffalo, New York, 38 00:02:14,639 --> 00:02:18,160 Speaker 1: that have Democratic leaders in Washington calling for greater restrictions 39 00:02:18,200 --> 00:02:22,120 Speaker 1: on guns Nathan. While President Biden contends with another shooting, 40 00:02:22,200 --> 00:02:25,519 Speaker 1: he is also grappling with rising gas prices that has 41 00:02:25,600 --> 00:02:28,480 Speaker 1: him now planning a trip to Saudi Arabia. Amy Morris 42 00:02:28,520 --> 00:02:32,560 Speaker 1: has details from our Bloomberg newsroom in Washington. Sources tell 43 00:02:32,560 --> 00:02:36,079 Speaker 1: Bloomberg News President Biden is likely to visit Saudi Arabia 44 00:02:36,160 --> 00:02:38,600 Speaker 1: later this month, and that could mean the President would 45 00:02:38,639 --> 00:02:41,720 Speaker 1: also meet with Crown Prince Mohammed Ben Solomon, who the 46 00:02:41,800 --> 00:02:44,320 Speaker 1: US blames for the twenty eight team murder of US 47 00:02:44,400 --> 00:02:48,239 Speaker 1: based columnists Jamalka Shoji. Now Early in his presidency, Biden 48 00:02:48,240 --> 00:02:51,160 Speaker 1: said he would only deal with Saudi Arabia's official head 49 00:02:51,200 --> 00:02:55,000 Speaker 1: of state, King Solomon bin Abdula Ziz. But the president 50 00:02:55,080 --> 00:02:57,919 Speaker 1: is under increasing pressure to meet with Ben Solomon as 51 00:02:57,960 --> 00:03:01,160 Speaker 1: gas prices hit record highs in Washington. I maybe more 52 00:03:01,200 --> 00:03:04,160 Speaker 1: as Bloomberg daybreak, All right, Amy, thank your consumers. Maybe 53 00:03:04,160 --> 00:03:06,280 Speaker 1: getting a bit more relief at the pomp ahead of 54 00:03:06,280 --> 00:03:09,280 Speaker 1: that proposed trip. According to the Financial Times, Saudi Arabia 55 00:03:09,280 --> 00:03:12,000 Speaker 1: is prepared to produce more crude if Russian output the 56 00:03:12,040 --> 00:03:15,919 Speaker 1: clients substantially meantime OPEC and its allies meet today, they 57 00:03:15,919 --> 00:03:19,320 Speaker 1: are expected to ratify a modest increase in production. Checking 58 00:03:19,320 --> 00:03:22,280 Speaker 1: prices right now, Nimex crudes down two percent or two 59 00:03:22,280 --> 00:03:24,960 Speaker 1: dollars thirty cents at a hundred twelve dollars nine cents 60 00:03:24,960 --> 00:03:27,840 Speaker 1: of barrel. Brent is down two point two a hundred 61 00:03:27,840 --> 00:03:30,799 Speaker 1: thirteen dollars seventy six cents. Well. Nathan wall Street is 62 00:03:30,840 --> 00:03:34,360 Speaker 1: still reacting to the resignation of Meta Chief operating officer 63 00:03:34,520 --> 00:03:38,080 Speaker 1: Cheryl Sandberg. She became one of the most recognized figures 64 00:03:38,080 --> 00:03:41,240 Speaker 1: in global business after helping Facebook transform from US start 65 00:03:41,320 --> 00:03:45,600 Speaker 1: up into a multibillion dollar advertising powerhouse. Sandberg spoke about 66 00:03:45,600 --> 00:03:48,680 Speaker 1: her decision with Bloomberg's Emily Chang. The decision I didn't 67 00:03:48,720 --> 00:03:53,400 Speaker 1: come too rightly, but it's been fourteen years. It's been 68 00:03:53,480 --> 00:03:56,360 Speaker 1: fourteen years, and I wanted to make more room to 69 00:03:56,480 --> 00:04:00,200 Speaker 1: do more philanthropically. And Cheryl Sandberg caused her time had 70 00:04:00,200 --> 00:04:02,840 Speaker 1: met U quote the honor and privilege of a lifetime. 71 00:04:03,040 --> 00:04:06,000 Speaker 1: Sandberg leaves behind a complicated legacy, Karen. While she did 72 00:04:06,040 --> 00:04:09,320 Speaker 1: help build Facebook into a global giant, the company's reputation 73 00:04:09,520 --> 00:04:13,400 Speaker 1: was tarnished by developing blind spots on data and misinformation. 74 00:04:13,720 --> 00:04:17,240 Speaker 1: Techonomy Media CEO David Kirkpatrick called Sandberg one of the 75 00:04:17,279 --> 00:04:20,760 Speaker 1: most powerful women in the business world. Well, she served 76 00:04:20,800 --> 00:04:23,840 Speaker 1: as a symbol of women's success in business. There's no question, 77 00:04:23,920 --> 00:04:27,120 Speaker 1: I mean for most of the last fourteen years, certainly 78 00:04:27,120 --> 00:04:29,840 Speaker 1: for the last maybe ten or eleven years. She could 79 00:04:29,839 --> 00:04:32,120 Speaker 1: have left Facebook at any time and become the CEO 80 00:04:32,200 --> 00:04:34,200 Speaker 1: of any company in the world. And I know she 81 00:04:34,400 --> 00:04:36,760 Speaker 1: was solicited for those kinds of jobs time and time 82 00:04:36,800 --> 00:04:39,919 Speaker 1: again and didn't show interest because she really wanted to 83 00:04:39,960 --> 00:04:43,600 Speaker 1: stay here. Techonomy Media CEO David Kirkpatrick spoke with Bloomberg 84 00:04:43,640 --> 00:04:46,480 Speaker 1: Technologies Emily Chang. For more from Emily and our tech team, 85 00:04:46,520 --> 00:04:50,640 Speaker 1: subscribed to the Bloomberg Technology podcast. It's available daily wherever 86 00:04:50,720 --> 00:04:53,679 Speaker 1: you get your podcasts. While turning to the economy now, Nathan, 87 00:04:53,680 --> 00:04:56,200 Speaker 1: our focus remains on the FED. St. Louis FED President 88 00:04:56,279 --> 00:04:58,680 Speaker 1: James Bullard wants to raise interest rates to three and 89 00:04:58,680 --> 00:05:01,479 Speaker 1: a half percent this year to came inflation. As we 90 00:05:01,600 --> 00:05:07,000 Speaker 1: get tangible evidence that inflation is definitely retreating, then we 91 00:05:07,080 --> 00:05:12,960 Speaker 1: could look at reducing the policy rate future years, maybe 92 00:05:13,040 --> 00:05:17,360 Speaker 1: late three or four, saying the West FED President James 93 00:05:17,400 --> 00:05:20,520 Speaker 1: Bullard spoke at the Economic Club of Memphis. He's traditionally 94 00:05:20,560 --> 00:05:23,120 Speaker 1: been the most hawkish official on the FED. Well A 95 00:05:23,120 --> 00:05:25,440 Speaker 1: couple of Wall Street ceo s think Bullard and the 96 00:05:25,440 --> 00:05:27,920 Speaker 1: FED have a very difficult road ahead of them. Karen 97 00:05:28,160 --> 00:05:32,279 Speaker 1: Here's Wells Fargo CEO Charlie Scharf, the economy has to slow. 98 00:05:32,760 --> 00:05:35,880 Speaker 1: The FED has been very clear about what their intentions 99 00:05:35,920 --> 00:05:41,280 Speaker 1: are and the scenario of a soft landing is very 100 00:05:41,320 --> 00:05:44,160 Speaker 1: difficult to achieve and I think extremely difficult to achieve 101 00:05:44,520 --> 00:05:47,560 Speaker 1: in the environment that we're in today. Wells Fargo CEO 102 00:05:47,640 --> 00:05:50,239 Speaker 1: Charlie Scharf says he sees loan growth starting to moderate. 103 00:05:50,279 --> 00:05:53,200 Speaker 1: His comments follow a similar warning from JP Morgan CEO 104 00:05:53,360 --> 00:05:57,240 Speaker 1: Jamie Diamond. It's a hurricane. It's right now, it's kind 105 00:05:57,240 --> 00:06:00,560 Speaker 1: of sunny. Things are doing fine, and with thinks that 106 00:06:01,000 --> 00:06:04,080 Speaker 1: the FED can handle this. That hurricane is right out 107 00:06:04,080 --> 00:06:06,840 Speaker 1: there down the road coming our way. We just don't 108 00:06:06,839 --> 00:06:10,279 Speaker 1: know if it's a minor one or Superstorm Sandy. Both 109 00:06:10,360 --> 00:06:12,960 Speaker 1: JP Morgan's Jamie Diamond and Charlie Sharf of Wells Fargo 110 00:06:13,040 --> 00:06:15,360 Speaker 1: spoke at a conference in New York. Well, let's update 111 00:06:15,400 --> 00:06:17,760 Speaker 1: you now on some key earnings from late yesterday. Shares 112 00:06:17,760 --> 00:06:20,400 Speaker 1: a Hewlett Packard Enterprise OR down more than six percent 113 00:06:20,480 --> 00:06:23,480 Speaker 1: in early trading after the company lowered its forecast. Bloomberg's 114 00:06:23,480 --> 00:06:27,080 Speaker 1: down Kristner has more. The company sided a few headwinds 115 00:06:27,120 --> 00:06:31,560 Speaker 1: on favorable currency movements, supply chain disruptions, and the impact 116 00:06:31,600 --> 00:06:34,760 Speaker 1: of the company's exit from the Russian market. Hewlett Packard 117 00:06:34,839 --> 00:06:38,120 Speaker 1: Enterprise said profit excluding some items will be as much 118 00:06:38,120 --> 00:06:41,280 Speaker 1: as seven cents less than the previous guidance issued in March. 119 00:06:41,800 --> 00:06:44,880 Speaker 1: HPE has been working to reduce its reliance on sales 120 00:06:44,880 --> 00:06:48,920 Speaker 1: of hardware such as data center servers by encouraging customers 121 00:06:48,960 --> 00:06:52,800 Speaker 1: to pay for additional services with subscriptions. In New York, 122 00:06:52,800 --> 00:06:55,200 Speaker 1: I'm Doug Prisner, Bloomberg Daybreak. All right, Doug, thanks Some 123 00:06:55,240 --> 00:06:57,200 Speaker 1: other stocks on the move this morning. Shares A Chewy 124 00:06:57,320 --> 00:06:59,960 Speaker 1: OR up more than seventeen percent. The pet products retailer 125 00:07:00,000 --> 00:07:02,799 Speaker 1: reported profit in sales at top estimates, and as usual, 126 00:07:02,880 --> 00:07:05,840 Speaker 1: some volatility and shares of games stop. The video game 127 00:07:05,880 --> 00:07:08,960 Speaker 1: retailer reported a wider than expected first quartered at loss. 128 00:07:09,200 --> 00:07:13,240 Speaker 1: After falling almost three game stock shares are now up 129 00:07:13,280 --> 00:07:17,000 Speaker 1: about one Straight Ahead, your latest local headlines, and a 130 00:07:17,080 --> 00:07:24,120 Speaker 1: check of sports. This is Bloomberg's five oh seven on 131 00:07:24,160 --> 00:07:26,480 Speaker 1: Wall Street where sixty three degrees in Central Park, dealing 132 00:07:26,480 --> 00:07:28,960 Speaker 1: with a tractor trailer accident South Bend two eight seven 133 00:07:29,040 --> 00:07:31,760 Speaker 1: year egsitt ten. Details coming up in traffic First. Michael 134 00:07:31,800 --> 00:07:34,000 Speaker 1: Barr with more on what's going on in New York 135 00:07:34,080 --> 00:07:36,520 Speaker 1: and around the world. Michael, good morning, Good morning, Nathan. 136 00:07:36,520 --> 00:07:39,920 Speaker 1: New York Mayor Eric Adams will name a gun violence are. 137 00:07:40,320 --> 00:07:43,760 Speaker 1: Adams continues to be confronted with a stubbornly high number 138 00:07:43,760 --> 00:07:46,440 Speaker 1: of gun offenses in the city. According to The New 139 00:07:46,520 --> 00:07:50,120 Speaker 1: York Times, the Adams administration has also considered declaring a 140 00:07:50,240 --> 00:07:54,000 Speaker 1: state of emergency related to the surgeon gun violence. Meanwhile, 141 00:07:54,040 --> 00:07:57,400 Speaker 1: Mayor Adams also sent a stern letter to city employees 142 00:07:57,440 --> 00:08:00,720 Speaker 1: that they need to stop working from home. Adams road, 143 00:08:00,760 --> 00:08:05,560 Speaker 1: all city employee should be advised that, absent reasonable accommodation, 144 00:08:06,000 --> 00:08:08,600 Speaker 1: you are required to report to work in person for 145 00:08:08,640 --> 00:08:12,360 Speaker 1: every schedule, workday, and hybrid schedules of any kind they're 146 00:08:12,400 --> 00:08:15,960 Speaker 1: not permitted. He called the move critical to New York's economy. 147 00:08:16,120 --> 00:08:19,360 Speaker 1: Baby formula makers met with President Biden for an update 148 00:08:19,560 --> 00:08:22,760 Speaker 1: on ending the supply crisis in the US. There's nothing 149 00:08:22,800 --> 00:08:25,120 Speaker 1: more stressful than the feeling you can't get what your 150 00:08:25,200 --> 00:08:28,720 Speaker 1: child needs he or she needs. And that's why I've 151 00:08:28,760 --> 00:08:32,360 Speaker 1: directed my administration used every tool available or increase the supply, 152 00:08:33,240 --> 00:08:36,520 Speaker 1: get more formula on shelves as quickly as possible. However, 153 00:08:36,600 --> 00:08:39,640 Speaker 1: President Biden faced push back on his claims that no 154 00:08:39,720 --> 00:08:44,360 Speaker 1: one predicted shutting one food plant would create a nationwide shortage. 155 00:08:44,640 --> 00:08:49,200 Speaker 1: Perigo Baby formula producer executive Murray Kessler told President Biden 156 00:08:49,480 --> 00:08:52,320 Speaker 1: he immediately knew there'd be a supply crisis when the 157 00:08:52,400 --> 00:08:55,880 Speaker 1: FDA closed the Abbot formula plant. The very first thing 158 00:08:55,960 --> 00:08:58,960 Speaker 1: we did when we heard about the Abbot recall was 159 00:08:59,640 --> 00:09:02,640 Speaker 1: we could foresee that this was going to create a 160 00:09:02,679 --> 00:09:08,200 Speaker 1: tremendous shortage. We um significantly increased all our material orders. 161 00:09:09,000 --> 00:09:11,640 Speaker 1: Marie Kesler with Perry go Later, the White House Press 162 00:09:11,640 --> 00:09:15,120 Speaker 1: Secretaries said the administration has been working to relieve the 163 00:09:15,160 --> 00:09:20,320 Speaker 1: formula shortage since day one. The Queen's Platinum Jubilee is underway, 164 00:09:20,360 --> 00:09:23,240 Speaker 1: a four day bash designed to honor her seventy years 165 00:09:23,240 --> 00:09:26,200 Speaker 1: on the throne. Millions across Britain are ready to take 166 00:09:26,240 --> 00:09:29,440 Speaker 1: to the streets for parties and big Jubilee lunches. Globally 167 00:09:29,720 --> 00:09:32,200 Speaker 1: was twenty four hours a day on air and on 168 00:09:32,280 --> 00:09:35,400 Speaker 1: Bloomberg Quick Take, powered by more than twenty seven hundred 169 00:09:35,440 --> 00:09:38,560 Speaker 1: journalists analysts in more than a hundred twenty countries. I'm 170 00:09:38,600 --> 00:09:42,079 Speaker 1: Michael Barr, and this is Bloomberg. Nathan. Alright, Michael, thank you, 171 00:09:46,920 --> 00:09:49,000 Speaker 1: five oh nine on Wall Street. Time for the Bloomberg 172 00:09:49,040 --> 00:09:52,319 Speaker 1: Sports Update. Good morning, John Sesshire, Morning, Nathan. The Rangers 173 00:09:52,320 --> 00:09:54,520 Speaker 1: are in a place they had not been before in 174 00:09:54,559 --> 00:09:57,559 Speaker 1: these Stanley Cup whofs ahead in a series before getting 175 00:09:57,559 --> 00:09:59,920 Speaker 1: into a Game seven, Game one with Tampa Bay at 176 00:09:59,920 --> 00:10:02,960 Speaker 1: the Garden at Chris Crider goal on the Rangers first 177 00:10:02,960 --> 00:10:05,360 Speaker 1: shot of the series. They led to to one, then 178 00:10:05,400 --> 00:10:08,040 Speaker 1: three to two, and then the kid line of Philip 179 00:10:08,160 --> 00:10:11,800 Speaker 1: Halo Capocaco and elections La Frontier. We're on the ice 180 00:10:11,880 --> 00:10:15,600 Speaker 1: for almost three minutes, getting which it up the board, 181 00:10:15,880 --> 00:10:19,760 Speaker 1: take it back, another lifted, but it's fatted down by Cox, 182 00:10:20,040 --> 00:10:23,920 Speaker 1: he said. The upfit to total, he said, collector games. 183 00:10:23,960 --> 00:10:28,920 Speaker 1: We'll try the village villars legal he scars. What a 184 00:10:29,160 --> 00:10:33,000 Speaker 1: shift by the Rangers and it ends up isn't like 185 00:10:33,240 --> 00:10:38,079 Speaker 1: eat shit. It's four two Rachers w e p and 186 00:10:38,240 --> 00:10:40,880 Speaker 1: second goal of the game for the suddenly red hot Philippo. 187 00:10:40,920 --> 00:10:42,679 Speaker 1: He had eight goals in the regular season, He's got 188 00:10:42,720 --> 00:10:45,600 Speaker 1: seven of the playoffs are Tammy Panarin scored open him 189 00:10:45,640 --> 00:10:47,960 Speaker 1: into the third period. The makings a manage at Rangers 190 00:10:47,960 --> 00:10:50,480 Speaker 1: beat the Lightning six to two. Tampa had only allowed 191 00:10:50,520 --> 00:10:54,000 Speaker 1: a total of three goals in its four games sweeping Florida. 192 00:10:54,000 --> 00:10:56,840 Speaker 1: The Rangers now won five of their last six seven 193 00:10:56,840 --> 00:10:58,920 Speaker 1: a row at the Garden, where they'll be back for 194 00:10:59,000 --> 00:11:01,720 Speaker 1: game two tomorrow night. Matt's hit the road now right 195 00:11:01,760 --> 00:11:03,880 Speaker 1: in a sixth game winning streak. Shout out Washington five 196 00:11:03,960 --> 00:11:06,959 Speaker 1: nothing buying Carlos Carrasco Tomas Neto had four hits and 197 00:11:07,000 --> 00:11:10,880 Speaker 1: now a ten game road trip, all in southern California, 198 00:11:11,000 --> 00:11:15,120 Speaker 1: playing the Dodgers tonight. French Open Women's Semifinals today in Paris. 199 00:11:15,160 --> 00:11:17,960 Speaker 1: Eighteen year old Coco Golf playing her first Grand Slam 200 00:11:18,040 --> 00:11:21,760 Speaker 1: semi NBA Finals Game one tonight Celtics and Warriors in 201 00:11:21,840 --> 00:11:25,839 Speaker 1: San Francisco. John stash Atward Bloomberg Sports, Nathan Okay, John, 202 00:11:25,880 --> 00:11:29,720 Speaker 1: thanks right now. SMP futures are higher by seventeen points. 203 00:11:29,760 --> 00:11:32,520 Speaker 1: Staff futures up a hundred two nestack futures leading the 204 00:11:32,559 --> 00:11:34,800 Speaker 1: games this morning. They're up seventy points. That's a game 205 00:11:34,840 --> 00:11:37,760 Speaker 1: of almost six tents of one percent. Tend your treasury 206 00:11:37,840 --> 00:11:39,800 Speaker 1: right now, down one thirty second the yield two point 207 00:11:39,840 --> 00:11:41,839 Speaker 1: nine one percent yield on the two year two point 208 00:11:41,880 --> 00:11:44,839 Speaker 1: six six nine X. Crude is down two point one 209 00:11:45,400 --> 00:11:47,800 Speaker 1: dollars forty three cents at a hundred twelve dollars eighty 210 00:11:47,920 --> 00:11:50,880 Speaker 1: four cents of barrel on report, Saudi Arabia could boost 211 00:11:50,960 --> 00:11:58,000 Speaker 1: output if Russian supplies falls significantly. Guns and gas dual 212 00:11:58,080 --> 00:12:00,680 Speaker 1: challenges for President Biden will be tie about it next 213 00:12:00,679 --> 00:12:04,480 Speaker 1: with Bloomberg government reporter Jack Fitzpatrick in Washington. This is 214 00:12:04,520 --> 00:12:09,440 Speaker 1: Bloomberg Bloomberg eleven three oh whether. Mostly cloudy today, a 215 00:12:09,520 --> 00:12:11,800 Speaker 1: chance for showers and storms are behind near eighty. We'll 216 00:12:11,840 --> 00:12:16,240 Speaker 1: clear out tomorrow, upper seventies, sunshine for the weekend with 217 00:12:16,320 --> 00:12:22,600 Speaker 1: highs in the upper seventies. Right now sixty three degrees. Markets, 218 00:12:22,679 --> 00:12:25,760 Speaker 1: headlines and breaking news twenty four hours a day at 219 00:12:25,800 --> 00:12:29,720 Speaker 1: Bloomberg dot Com, the Bloomberg Business Out, and at Bloomberg Quicktake. 220 00:12:29,960 --> 00:12:39,280 Speaker 1: This is a Bloomberg business lash, and I'm Karen Moscow 221 00:12:39,360 --> 00:12:41,960 Speaker 1: stocks in Europe in US Dock Index futures are climbing 222 00:12:42,000 --> 00:12:45,280 Speaker 1: as investors assess attractive valuations and a drop in oil 223 00:12:45,360 --> 00:12:49,359 Speaker 1: prices against hawkish messages from central bankers on raining and inflation. 224 00:12:49,720 --> 00:12:52,400 Speaker 1: Crude oil is sliding on a report that Saudi Arabia 225 00:12:52,480 --> 00:12:55,199 Speaker 1: is ready to pump more oil if Russian output declines. 226 00:12:55,559 --> 00:12:58,320 Speaker 1: OPEC plus schedule to meet to discuss supply policy. We 227 00:12:58,400 --> 00:13:00,720 Speaker 1: checked the markets every fifteen minutes to the trading day 228 00:13:00,760 --> 00:13:04,000 Speaker 1: on Bloomberg has in P futures up nineteen points this morning, 229 00:13:04,040 --> 00:13:07,280 Speaker 1: down futures of a hundred seventeen NASDACK futures have seventy 230 00:13:07,400 --> 00:13:10,040 Speaker 1: six the decks in Germany's up three quarters of a percent. 231 00:13:10,320 --> 00:13:12,959 Speaker 1: Ten year treasury down one thirty second two point on 232 00:13:13,080 --> 00:13:15,160 Speaker 1: one percent. The yield on the two year two point 233 00:13:15,200 --> 00:13:18,240 Speaker 1: six six percent. Non mix screwed oil is down two 234 00:13:18,240 --> 00:13:20,320 Speaker 1: point one percent on two dollars thirty eight cents at 235 00:13:20,320 --> 00:13:22,640 Speaker 1: a hundred twelve dollars eighty eight cents a barrel. Co 236 00:13:22,800 --> 00:13:25,040 Speaker 1: mex schooled up four ten percent or seven dollars ten 237 00:13:25,160 --> 00:13:28,280 Speaker 1: cents at eighteen fifty five seventy announced the euro one 238 00:13:28,280 --> 00:13:30,640 Speaker 1: point six eight eight against the dollar British bound one 239 00:13:30,640 --> 00:13:33,000 Speaker 1: point to five four o two and the yen is 240 00:13:33,040 --> 00:13:35,839 Speaker 1: at one twenty nine point eight one and Bitcoin this 241 00:13:35,880 --> 00:13:39,600 Speaker 1: morning higher up one point one percent at twenty nine thousand, 242 00:13:39,840 --> 00:13:43,160 Speaker 1: nine hundred dollars. That's a Bloomberg Business Flash. Now here's 243 00:13:43,200 --> 00:13:46,400 Speaker 1: Michael Barr with more on what's going on around the world. Michael, 244 00:13:46,440 --> 00:13:49,520 Speaker 1: good morning, Good morning, Karen. Police officials say four people 245 00:13:49,520 --> 00:13:51,560 Speaker 1: have been killed in a mass shooting, and it's also 246 00:13:51,679 --> 00:13:55,280 Speaker 1: medical building on a hospital campus. Authorities also say the 247 00:13:55,280 --> 00:13:58,280 Speaker 1: shooter was dead, apparently from a self inflicted The gunshot 248 00:13:58,360 --> 00:14:02,079 Speaker 1: wound President Biden's as. No one anticipated the baby formula 249 00:14:02,160 --> 00:14:06,719 Speaker 1: crisis until months after a crucial manufacturing plant owned by 250 00:14:06,760 --> 00:14:10,760 Speaker 1: Abbott was shut down. Formula makers Biden met with disagree. 251 00:14:11,160 --> 00:14:14,319 Speaker 1: Game one of the NHL East Final, the Rangers beat 252 00:14:14,360 --> 00:14:17,320 Speaker 1: the Lightning six too. In baseball, the Yankees game was 253 00:14:17,360 --> 00:14:20,080 Speaker 1: reigned out. The Mets beat the Nationals five zip. The 254 00:14:20,120 --> 00:14:23,440 Speaker 1: Red Sox and Orioles won, the A's and Giants lost. 255 00:14:23,680 --> 00:14:26,360 Speaker 1: Global News twenty four hours a day on air and 256 00:14:26,560 --> 00:14:29,640 Speaker 1: on Bloomberg Quick Date, powered by more than twenty seven 257 00:14:29,720 --> 00:14:32,160 Speaker 1: hundred journalists and analysts, more than a hundred twenty countries. 258 00:14:32,440 --> 00:14:34,960 Speaker 1: Michael bar this is Bloomberg. Nathan him Michael, thank you. 259 00:14:35,000 --> 00:14:37,360 Speaker 1: It's five nineteen on Wall Street Live from the Bloomberg 260 00:14:37,360 --> 00:14:40,960 Speaker 1: Interactive Brokers Studios. This is Bloomberg Daybreak, and with yet 261 00:14:40,960 --> 00:14:43,680 Speaker 1: another deadly mass shooting in the US, the issue of 262 00:14:44,160 --> 00:14:49,360 Speaker 1: guns and gun restrictions once again is in focus in Washington, 263 00:14:49,400 --> 00:14:53,600 Speaker 1: along with a mounting pile of challenges facing President Biden. 264 00:14:53,640 --> 00:14:56,960 Speaker 1: Bloomberg Government Congressional reporter Jack Fitzpatrick joins us from our 265 00:14:56,960 --> 00:15:01,080 Speaker 1: Bloomberg studios in the Nation's cap all as we get 266 00:15:01,120 --> 00:15:04,760 Speaker 1: more on all these stories, Jack, Good morning. This shooting 267 00:15:04,800 --> 00:15:09,560 Speaker 1: in Tulsa once again has the gun issue back in focus, 268 00:15:09,560 --> 00:15:14,960 Speaker 1: and it comes with debate already underway following other recent 269 00:15:15,000 --> 00:15:18,120 Speaker 1: mass shootings. Yes, uh, this is one of those issues 270 00:15:18,120 --> 00:15:20,200 Speaker 1: where I don't even know if it's back in focus, 271 00:15:20,320 --> 00:15:24,040 Speaker 1: is just still in focus. There have been bipartisan talks 272 00:15:24,040 --> 00:15:28,160 Speaker 1: in the Senate following the Uvaldi School shooting about what 273 00:15:28,360 --> 00:15:31,680 Speaker 1: is realistic to get sixty votes in the Senate. What's 274 00:15:31,720 --> 00:15:35,320 Speaker 1: the low hanging fruit? A very limited measure would be 275 00:15:35,360 --> 00:15:38,840 Speaker 1: expected from these conversations, But you know, is there some 276 00:15:38,880 --> 00:15:42,840 Speaker 1: sort of bill they can pass. Seems that the conversations 277 00:15:43,240 --> 00:15:47,320 Speaker 1: are there's a lot of talk about maybe incentivizing state 278 00:15:47,400 --> 00:15:52,400 Speaker 1: level red flag laws, other sort of limited measures. I 279 00:15:52,800 --> 00:15:55,200 Speaker 1: don't know if there's enough political will to raise the 280 00:15:55,280 --> 00:15:59,800 Speaker 1: age uh for purchases, say of semi automatic rifles from 281 00:15:59,800 --> 00:16:01,360 Speaker 1: eight team to twenty one. That is more of a 282 00:16:01,360 --> 00:16:05,160 Speaker 1: Democratic priority. But yes, it would stand to reason that 283 00:16:05,240 --> 00:16:08,560 Speaker 1: this latest shooting, high profile shooting, high profile enough so 284 00:16:08,640 --> 00:16:10,960 Speaker 1: the President has been briefed on. It would sort of 285 00:16:11,040 --> 00:16:15,520 Speaker 1: keep the political pressure on those senators having those conversations. 286 00:16:15,920 --> 00:16:19,280 Speaker 1: And in the meantime, Jack, there's a bill moving forward 287 00:16:19,320 --> 00:16:22,520 Speaker 1: on the House side that I think it's probably safe 288 00:16:22,520 --> 00:16:25,880 Speaker 1: to describe as much more than low hanging fruit. I mean, 289 00:16:25,920 --> 00:16:29,960 Speaker 1: what's what's the impetus to put a bill like that 290 00:16:30,080 --> 00:16:33,760 Speaker 1: forward when it probably has little did no chance of 291 00:16:33,760 --> 00:16:37,160 Speaker 1: passing in the sidence? Right, this is the more aggressive version. 292 00:16:37,240 --> 00:16:40,080 Speaker 1: This would be a House Democratic bill that the House 293 00:16:40,160 --> 00:16:44,200 Speaker 1: Judiciary Committee is set to virtually mark up today. Uh. 294 00:16:44,240 --> 00:16:47,640 Speaker 1: That's why I mentioned as an example, uh, the idea 295 00:16:47,680 --> 00:16:51,680 Speaker 1: that's been put forth of increasing the legal age to 296 00:16:51,720 --> 00:16:55,000 Speaker 1: purchase a semi automatic weapon from eighteen to twenty one. 297 00:16:55,040 --> 00:16:57,720 Speaker 1: That is one of the measures in that bill. Uh, 298 00:16:57,800 --> 00:17:01,680 Speaker 1: that does not seem to be part of the bipartisan conversations. 299 00:17:01,880 --> 00:17:04,359 Speaker 1: This is how the House of Representatives operates. You know, 300 00:17:04,600 --> 00:17:07,080 Speaker 1: the majority can pass what they want through the House 301 00:17:07,080 --> 00:17:09,440 Speaker 1: and at least take a stand. It may be more 302 00:17:09,480 --> 00:17:11,280 Speaker 1: of a messaging bill if it's not going to go 303 00:17:11,320 --> 00:17:13,760 Speaker 1: anywhere in the Senate. But the fact that you see 304 00:17:13,800 --> 00:17:17,040 Speaker 1: this dual track approach the House doing what it can, 305 00:17:17,400 --> 00:17:20,720 Speaker 1: the Senate getting a group of bipartisan members together to 306 00:17:20,800 --> 00:17:24,920 Speaker 1: see what's most realistic. That reflects the amount of pressure 307 00:17:24,960 --> 00:17:28,439 Speaker 1: to at least do something. Along with this politically fraught 308 00:17:28,520 --> 00:17:32,280 Speaker 1: issue of gun rights, Jack, we also have the economy 309 00:17:32,400 --> 00:17:37,360 Speaker 1: posing a continuing challenge for President Biden, rising gas prices. 310 00:17:37,480 --> 00:17:40,560 Speaker 1: Now we're getting this report that he could be headed 311 00:17:40,560 --> 00:17:43,919 Speaker 1: to Saudi Arabia later this month. Right, yes, our colleague 312 00:17:43,960 --> 00:17:47,680 Speaker 1: Jennifer Jacobs reported that, uh, citing people familiar that he's 313 00:17:47,680 --> 00:17:50,440 Speaker 1: expected to visit Saudi Arabia later this month when he's 314 00:17:50,480 --> 00:17:54,000 Speaker 1: traveling for NATO and G seven meetings. Uh. That is 315 00:17:54,040 --> 00:17:57,320 Speaker 1: important because it would it would be a bit of 316 00:17:57,359 --> 00:18:00,320 Speaker 1: a surprise if he were to visit Studi Arabia, not 317 00:18:01,080 --> 00:18:04,919 Speaker 1: visit or communicate with the Crown Prince Mohammed Been Salmon, 318 00:18:05,200 --> 00:18:08,879 Speaker 1: who's really the de facto leader after the President. Biden 319 00:18:08,920 --> 00:18:12,640 Speaker 1: had previously said he would only deal directly with King 320 00:18:12,720 --> 00:18:17,280 Speaker 1: Salomon bin Abdullah Ziz, which was a slight toward the 321 00:18:17,320 --> 00:18:21,280 Speaker 1: Crown Prince. Uh. If this reflects some easing of the 322 00:18:21,359 --> 00:18:26,639 Speaker 1: tensions between Biden and Mohammed Been Salmon, that would be 323 00:18:26,720 --> 00:18:30,240 Speaker 1: a very significant thing. And I think it's clearly something 324 00:18:30,400 --> 00:18:34,240 Speaker 1: with gas prices in mind, as Biden looks for more 325 00:18:34,359 --> 00:18:38,960 Speaker 1: production out of oil producing countries obviously gas producing countries 326 00:18:39,040 --> 00:18:42,160 Speaker 1: not called Russia and Ukraine. No, you have all about 327 00:18:42,200 --> 00:18:44,600 Speaker 1: thirty seconds left here, but are there indications that we 328 00:18:44,680 --> 00:18:47,399 Speaker 1: could see a meeting between President Biden the Crown Prince? 329 00:18:47,440 --> 00:18:51,919 Speaker 1: I mean, MBS had basically been blacklisted over alleged links 330 00:18:51,960 --> 00:18:55,840 Speaker 1: to the murder of Washington Post columnist Jamal kah That's 331 00:18:55,880 --> 00:18:58,560 Speaker 1: something the White House has not confirmed, so at this 332 00:18:58,640 --> 00:19:02,000 Speaker 1: point that the news is about the visit. But you're 333 00:19:02,080 --> 00:19:05,119 Speaker 1: right that Biden would have to set aside the the 334 00:19:05,280 --> 00:19:08,760 Speaker 1: frustration over the killing of Jamaica show g H and 335 00:19:08,880 --> 00:19:12,280 Speaker 1: his his frustration with Mohammed Ben Salomon, and he had 336 00:19:12,320 --> 00:19:15,280 Speaker 1: really made a point of pinning that on the Crown Prince, 337 00:19:15,359 --> 00:19:18,840 Speaker 1: so to meet with him would be a significant change, 338 00:19:18,960 --> 00:19:21,880 Speaker 1: certainly would be Jack Fitzpatrick a Bloomberg Government as always, 339 00:19:22,400 --> 00:19:25,080 Speaker 1: thanks for being with us from the nation's capital. Will 340 00:19:25,119 --> 00:19:27,160 Speaker 1: be checking back with Jack later on in the program 341 00:19:27,160 --> 00:19:30,240 Speaker 1: for uh much more of the other stories happening in Washington, 342 00:19:30,359 --> 00:19:32,520 Speaker 1: d C. As well. Looking ahead to the market open 343 00:19:32,560 --> 00:19:35,600 Speaker 1: this morning, we have futures moving higher, with SMP futures 344 00:19:35,640 --> 00:19:38,560 Speaker 1: up twenty one point, DAL futures up a hundred thirty three. 345 00:19:38,640 --> 00:19:41,320 Speaker 1: NASTAC futures are higher by eighty six points ten. Your 346 00:19:41,359 --> 00:19:44,280 Speaker 1: treasury down one thirty second, the yield two point nine, 347 00:19:45,280 --> 00:19:48,080 Speaker 1: NIMEX screwed down two percent, or two dollars six cents 348 00:19:48,080 --> 00:19:50,919 Speaker 1: and a hundred thirteen dollars of barrel. On that report, 349 00:19:50,960 --> 00:19:54,120 Speaker 1: the President Biden could be headed to Saudi Arabia. Just ahead, 350 00:19:54,280 --> 00:19:57,520 Speaker 1: the latest on the mass killing in Tulsa, and Cheryl 351 00:19:57,560 --> 00:20:01,639 Speaker 1: Sandberg leans into Life after Phase book. Top stories of 352 00:20:01,680 --> 00:20:08,399 Speaker 1: the morning straight ahead on Bloomberg day Break Bloomberg eleven 353 00:20:08,440 --> 00:20:10,440 Speaker 1: three oh weather. Chance for showers and storms today with 354 00:20:10,480 --> 00:20:12,840 Speaker 1: a high near eighty degrees. We'll clear out tomorrow with 355 00:20:12,880 --> 00:20:17,160 Speaker 1: a high near eighty for Friday sunshine upper seventies for Saturday. 356 00:20:17,359 --> 00:20:25,880 Speaker 1: Right now sixty three degrees in Central Park. Broadcasting live 357 00:20:26,080 --> 00:20:30,040 Speaker 1: from the Bloomberg Interactive Broker Studio in New York. Bloomberg 358 00:20:30,040 --> 00:20:34,120 Speaker 1: Eloving Freedom to Washington, d C. Bloomberg On to Boston, 359 00:20:34,240 --> 00:20:38,040 Speaker 1: Bloomberg one oh six one to San Francisco, Bloomberg sixty 360 00:20:38,200 --> 00:20:40,960 Speaker 1: to the Country, Sirius XM Chidle one nine Tea, and 361 00:20:41,040 --> 00:20:44,440 Speaker 1: around the globe the Bloomberg Business app and Bloomberg Radio 362 00:20:44,520 --> 00:20:53,879 Speaker 1: dot Com. This is Bloomberg Daybreak. It's five thirty on 363 00:20:53,880 --> 00:20:56,480 Speaker 1: Wall Street. Good morning. I'm Nathan Hagar and I'm Karen 364 00:20:56,560 --> 00:20:59,320 Speaker 1: moscowur just about four hours away from the open of 365 00:20:59,440 --> 00:21:01,000 Speaker 1: US trade and let's get you up to date on 366 00:21:01,040 --> 00:21:02,800 Speaker 1: the news you need to know at this show. Or 367 00:21:02,800 --> 00:21:05,719 Speaker 1: We begin with another mass shooting in the US, this 368 00:21:05,800 --> 00:21:08,960 Speaker 1: time at a medical building in Tulsa, Oklahoma, that left 369 00:21:09,000 --> 00:21:12,880 Speaker 1: four dead plus the shooter. Deputy Chief Eric Daglish says 370 00:21:12,920 --> 00:21:15,520 Speaker 1: it took about three minutes for officers to arrive at 371 00:21:15,520 --> 00:21:18,040 Speaker 1: the scene and they make contact with the gunmen. About 372 00:21:18,040 --> 00:21:21,840 Speaker 1: ten minutes later, the officers that did arrive, we're hearing 373 00:21:21,840 --> 00:21:24,800 Speaker 1: shots in the building and that's what directed them to 374 00:21:24,840 --> 00:21:28,639 Speaker 1: the second floor, and Deputy police Chief Eric Daglish says 375 00:21:28,680 --> 00:21:32,080 Speaker 1: a man opened fire on employees and visitors before turning 376 00:21:32,119 --> 00:21:35,560 Speaker 1: the gun on himself. This comes after recent mass shootings 377 00:21:35,560 --> 00:21:38,760 Speaker 1: in Valdi, Texas, and Buffalo, New York that have Democratic 378 00:21:38,840 --> 00:21:43,240 Speaker 1: leaders calling for greater restrictions on guns. Elsewhere in Washington, Karen, 379 00:21:43,320 --> 00:21:46,000 Speaker 1: President Biden is planning a trip to Saudi Arabia as 380 00:21:46,000 --> 00:21:49,000 Speaker 1: he looks to address rising gasoline prices. According to a 381 00:21:49,080 --> 00:21:52,119 Speaker 1: report from The Financial Times, Saudi Arabia is prepared to 382 00:21:52,160 --> 00:21:56,240 Speaker 1: pump more crude if Russia's output substantially declines. Bloomberg News 383 00:21:56,320 --> 00:21:59,960 Speaker 1: Energy reporter chair As Sharon Show says that could significantly 384 00:22:00,040 --> 00:22:04,159 Speaker 1: impact prices. Russia is among the world three largest crew producers, 385 00:22:04,280 --> 00:22:06,399 Speaker 1: and that's why this kind of a move will have 386 00:22:06,680 --> 00:22:10,960 Speaker 1: major round the stations or global supply. Whether Saudi Arabia 387 00:22:11,000 --> 00:22:15,600 Speaker 1: and NUA can cover Russia's low supply, that's the question 388 00:22:15,720 --> 00:22:19,200 Speaker 1: that remains. Bloomberg Sharon Show. Reporting from Singapore, OPEC plus 389 00:22:19,240 --> 00:22:22,320 Speaker 1: meets today, it's expected to ratify a modest increase in production. 390 00:22:22,600 --> 00:22:24,840 Speaker 1: Checking prices now, NIME ex cruis down two and a 391 00:22:24,920 --> 00:22:26,760 Speaker 1: quarter percent or two dollars fifty nine cents at a 392 00:22:26,840 --> 00:22:29,440 Speaker 1: hundred twelve dollars sixty eight cents of barrel. Brent is 393 00:22:29,480 --> 00:22:33,600 Speaker 1: down two point three hundred thirteen dollars fifty seven cents. Well, Nathan. 394 00:22:33,640 --> 00:22:36,359 Speaker 1: The financial world is reacting to the resignation of Meta 395 00:22:36,400 --> 00:22:39,919 Speaker 1: Chief operating officer Cheryl Sandberg. She became a tough figure 396 00:22:39,960 --> 00:22:42,680 Speaker 1: in global business and tech during her fourteen years of 397 00:22:42,720 --> 00:22:46,240 Speaker 1: the company. Sendberg tells Bloomberg's Emily Chang the decision to 398 00:22:46,320 --> 00:22:49,840 Speaker 1: step down was not easy. It really is about how 399 00:22:49,880 --> 00:22:51,840 Speaker 1: I will spend my time, not how much I've been 400 00:22:51,880 --> 00:22:54,199 Speaker 1: leaving the company. I believe in the company, but as 401 00:22:54,280 --> 00:22:57,439 Speaker 1: much as I ever did and staying on board, and 402 00:22:57,480 --> 00:22:59,640 Speaker 1: I really have some see confidence in the team Mark 403 00:22:59,680 --> 00:23:03,400 Speaker 1: and I. Cheryl Sandberg says she wants to do more philanthropy. 404 00:23:03,600 --> 00:23:05,879 Speaker 1: She helped transform Facebook from a start up into a 405 00:23:05,960 --> 00:23:09,879 Speaker 1: multibillion dollar powerhouse, but the company's reputation was turnished by 406 00:23:09,920 --> 00:23:14,840 Speaker 1: blind spots on data and misinformation. Sandberg spoke on Bloomberg Technology. 407 00:23:14,880 --> 00:23:17,360 Speaker 1: You can subscribe to the daily podcast on all your 408 00:23:17,400 --> 00:23:20,720 Speaker 1: podcast platforms. Turning too inflation Careen, We're keeping a close 409 00:23:20,720 --> 00:23:23,200 Speaker 1: eye on the FED st Louis President James Bullard says 410 00:23:23,240 --> 00:23:24,880 Speaker 1: he wants to raise rates to three and a half 411 00:23:24,920 --> 00:23:27,280 Speaker 1: percent this year to bring down inflation. He spoke at 412 00:23:27,320 --> 00:23:30,800 Speaker 1: the Economic Club of Memphis. Straight Ahead your latest local 413 00:23:30,840 --> 00:23:38,720 Speaker 1: headlines plus a check of sports. This is Bloomberg. It's 414 00:23:39,000 --> 00:23:41,040 Speaker 1: thirty three on Wall Street where at sixty three degrees 415 00:23:41,080 --> 00:23:43,600 Speaker 1: in Central Park dealing with flooding on the Bronx River 416 00:23:43,680 --> 00:23:46,720 Speaker 1: Parkway in White Plains. Details coming up in traffic. First 417 00:23:46,800 --> 00:23:48,720 Speaker 1: Michael Barr with more on what's going on in New 418 00:23:48,800 --> 00:23:51,200 Speaker 1: York and around the world. Michael, thank you very much. Nathan. 419 00:23:51,240 --> 00:23:55,000 Speaker 1: Experts say installing technology to scan large numbers of people 420 00:23:55,080 --> 00:23:58,400 Speaker 1: quickly for weapons and the New York City subway would 421 00:23:58,440 --> 00:24:02,960 Speaker 1: be challenging. Mayor Eric Adams says the technology might still 422 00:24:03,000 --> 00:24:05,679 Speaker 1: be worth trying, and a pop up fashion at select 423 00:24:05,840 --> 00:24:10,240 Speaker 1: locations as a deterrent. Scanners are already used in some places, 424 00:24:10,359 --> 00:24:14,600 Speaker 1: like sports stadiums, but need to be accompanied by human operators. Still, 425 00:24:14,840 --> 00:24:17,320 Speaker 1: the idea has gotten a closer look after a mass 426 00:24:17,359 --> 00:24:20,159 Speaker 1: shooting on the subway in April. It comes as The 427 00:24:20,200 --> 00:24:23,080 Speaker 1: New York Times reports Adams plans to name a gun 428 00:24:23,160 --> 00:24:26,879 Speaker 1: violence are Zoom. The White House is pulling back on 429 00:24:27,040 --> 00:24:29,680 Speaker 1: statements made by President Biden that he was not aware 430 00:24:29,840 --> 00:24:33,439 Speaker 1: the baby formula crisis would be so severe. Bloomberg's aid 431 00:24:33,480 --> 00:24:37,639 Speaker 1: Baxter reports the President saying he doesn't think anybody knew. 432 00:24:37,720 --> 00:24:42,400 Speaker 1: I don't think anyone anticipated the impact of the shutdown 433 00:24:42,680 --> 00:24:46,880 Speaker 1: of one facility, but me Johnson Vice President Robert Cleveland 434 00:24:46,960 --> 00:24:50,040 Speaker 1: says they anticipated the crisis. We knew from the very 435 00:24:50,040 --> 00:24:52,480 Speaker 1: beginning this would be very serious about And now the 436 00:24:52,480 --> 00:24:55,480 Speaker 1: White House says that they were on it from day one, 437 00:24:56,320 --> 00:25:00,479 Speaker 1: and now that all production is ramping up in San Cisco. 438 00:25:00,520 --> 00:25:03,520 Speaker 1: I'm at Baxter Bloomberg Day Break. The federal government will 439 00:25:03,560 --> 00:25:06,440 Speaker 1: soon be lifting travel restrictions for Americans who want to 440 00:25:06,480 --> 00:25:09,400 Speaker 1: go to Cuba. The flight restrictions put in place during 441 00:25:09,400 --> 00:25:12,960 Speaker 1: the Trump administration prevented flights from going to Cuban cities 442 00:25:12,960 --> 00:25:17,000 Speaker 1: other than Havanna. The Biden administration announced hundreds of thousands 443 00:25:17,000 --> 00:25:21,760 Speaker 1: of students who attended the Corinthian Collegist Chain will automatically 444 00:25:21,760 --> 00:25:25,359 Speaker 1: get their federal student loans canceled. Anyone who attended the 445 00:25:25,400 --> 00:25:29,640 Speaker 1: now defunct chain from its collapse in twenty fifteen will 446 00:25:29,680 --> 00:25:32,720 Speaker 1: get their federal student debt wipe Clane, it will erase 447 00:25:33,000 --> 00:25:35,920 Speaker 1: five point eight billion dollars in debt for more than 448 00:25:35,960 --> 00:25:39,840 Speaker 1: five hundred sixty thousand borrowers. Today Britain began celebrating the 449 00:25:39,840 --> 00:25:42,560 Speaker 1: four day long weekend in honor of Queen Elizabeth seventy 450 00:25:42,640 --> 00:25:45,320 Speaker 1: years on the throne. Global News twenty four hours a 451 00:25:45,400 --> 00:25:48,080 Speaker 1: day on airand on Bloomberg Quick Take, powered by more 452 00:25:48,280 --> 00:25:50,840 Speaker 1: than twenty seven hundred journalists analysts more than a hundred 453 00:25:50,840 --> 00:25:54,119 Speaker 1: twenty countries. I'm Michael Barr. This is Bloomberg. Nick alright, Michael. 454 00:25:54,160 --> 00:26:01,920 Speaker 1: Thanks on Wall Street, John Stash hours here at the 455 00:26:01,920 --> 00:26:05,320 Speaker 1: Bloomberg Sports Update. Thanks Nathan. The Rangers keep winning another 456 00:26:05,480 --> 00:26:08,840 Speaker 1: decisive victory like the last two with Carolina. Those were 457 00:26:08,880 --> 00:26:10,960 Speaker 1: five to two and six to two, and more of 458 00:26:10,960 --> 00:26:13,440 Speaker 1: the same at the Garden. In Game one with Tampa Bay, 459 00:26:13,520 --> 00:26:17,119 Speaker 1: Rangers never trailed. Chris Cryer scored a minute eleven in. 460 00:26:17,359 --> 00:26:21,200 Speaker 1: It was one one second periods up to fight long 461 00:26:21,320 --> 00:26:23,480 Speaker 1: past the fox head of the middle of tough to 462 00:26:23,600 --> 00:26:26,679 Speaker 1: pick up the trouble recovered, Try the Tronto high the spot, 463 00:26:26,840 --> 00:26:32,400 Speaker 1: he dudes. He starts Frank for Tronto with the rice 464 00:26:32,560 --> 00:26:38,240 Speaker 1: he shot game and the reachers free game. The league 465 00:26:38,320 --> 00:26:40,480 Speaker 1: it's two to long w e P and then came 466 00:26:40,520 --> 00:26:43,520 Speaker 1: two goals by Philip Heedo, who has now scored seven 467 00:26:43,560 --> 00:26:46,960 Speaker 1: in this postseason, and then Artemi Panera making the bandaget 468 00:26:47,119 --> 00:26:49,800 Speaker 1: third period. Rangers beat the Lightning six to two. It's 469 00:26:49,840 --> 00:26:52,840 Speaker 1: their first Game one victory of the postseason. They'll look 470 00:26:52,920 --> 00:26:55,080 Speaker 1: to keep it going. Game two is tomorrow night at 471 00:26:55,080 --> 00:26:57,800 Speaker 1: the Garden, where the Rangers lost their playoff opener with 472 00:26:57,840 --> 00:27:00,439 Speaker 1: Pittsburgh and triple overtime, but since then they are seven 473 00:27:00,440 --> 00:27:04,120 Speaker 1: and oh on home ice. NBA Finals begin tonight Celtics 474 00:27:04,160 --> 00:27:07,080 Speaker 1: Warriors in San Francisco, a Yankee doubleheader with the games 475 00:27:07,119 --> 00:27:09,280 Speaker 1: Olds at the Stadium, a day game to make up 476 00:27:09,359 --> 00:27:12,359 Speaker 1: last night's rainout, and then tonight the Yanks will face Showhyotani. 477 00:27:12,440 --> 00:27:14,520 Speaker 1: Mets will visit the Dodgers to start a four game 478 00:27:14,560 --> 00:27:17,000 Speaker 1: series and a ten game met road trip, all in 479 00:27:17,000 --> 00:27:19,400 Speaker 1: southern California. Mets just won their sixth in a row, 480 00:27:19,880 --> 00:27:23,040 Speaker 1: five nothing over Washington. Carlos Carrasco improved a six and 481 00:27:23,080 --> 00:27:25,320 Speaker 1: one team with three relievers on the shutout four hits 482 00:27:25,320 --> 00:27:29,080 Speaker 1: for Thomas Nto. French open Women's semifinals today in Paris, 483 00:27:29,119 --> 00:27:31,560 Speaker 1: including the first ever Grand Stam Semi for the eighteen 484 00:27:31,640 --> 00:27:35,520 Speaker 1: year old American Coco Gone John Stash were Bloomberg Sports Nathan, 485 00:27:35,760 --> 00:27:38,600 Speaker 1: Thank you John. It's seven on Wall Street. Time for 486 00:27:38,640 --> 00:27:42,560 Speaker 1: the Trice State Business Report, Here's Bloomberg Scott Car. Requirements 487 00:27:42,560 --> 00:27:46,040 Speaker 1: for child resistant packaging and adult only marketing are among 488 00:27:46,080 --> 00:27:48,639 Speaker 1: two sets of regulations just passed by a New York's 489 00:27:48,680 --> 00:27:52,480 Speaker 1: Office of Cannabis Management. New York's emerging cannabis industry now 490 00:27:52,520 --> 00:27:55,879 Speaker 1: has some guidance and planning the packaging, labeling, marketing, and 491 00:27:55,960 --> 00:27:59,880 Speaker 1: lab testing of products. Lab regulations in particular help establish 492 00:27:59,880 --> 00:28:03,080 Speaker 1: an important lake in the future supply chain. While across 493 00:28:03,119 --> 00:28:05,600 Speaker 1: the Hudson, New Jersey is prepping for its bursion in 494 00:28:05,680 --> 00:28:09,400 Speaker 1: cannabis industry. The New Jersey Tri State Canno Tech Expo 495 00:28:09,560 --> 00:28:11,880 Speaker 1: is coming to Atlantic City and a couple of weeks 496 00:28:12,240 --> 00:28:15,720 Speaker 1: In Connecticut, consumers already feeling the pins from rising inflation, 497 00:28:15,760 --> 00:28:17,720 Speaker 1: are about to take another hit from a hike in 498 00:28:17,760 --> 00:28:21,400 Speaker 1: the state's diesel tax. Connecticut officials are expected to announce 499 00:28:21,400 --> 00:28:23,960 Speaker 1: soon a major increase in the states of diesel tax 500 00:28:24,000 --> 00:28:27,200 Speaker 1: effective July one and six months from now, a new 501 00:28:27,280 --> 00:28:30,480 Speaker 1: highway use tax on large commercial trucks goes into effect, 502 00:28:30,640 --> 00:28:34,160 Speaker 1: expected to cost that industry collectively about ninety million a year. 503 00:28:34,520 --> 00:28:38,880 Speaker 1: That's the Bloomberg cry State Business Report. I'm Scott Carr. Okay, Scott. Thanks. 504 00:28:38,880 --> 00:28:41,880 Speaker 1: It's five thirty eight on Wall Street. Bloomberg Radio is 505 00:28:42,000 --> 00:28:44,520 Speaker 1: on the air from San Francisco to New York, London 506 00:28:44,600 --> 00:28:47,040 Speaker 1: to Hong Kong. Let's check in with our global news 507 00:28:47,040 --> 00:28:48,680 Speaker 1: team for some of the top stories heard on our 508 00:28:48,680 --> 00:28:54,600 Speaker 1: three hundred affiliate radio stations around the world. I'm Steve 509 00:28:54,680 --> 00:28:58,160 Speaker 1: podascon ten ten Wins in New York. We're talking about 510 00:28:58,160 --> 00:29:01,160 Speaker 1: how couples are determined to head down the aisle this 511 00:29:01,360 --> 00:29:04,920 Speaker 1: year no matter what. I'm Lisa Matteo and on KYW 512 00:29:05,000 --> 00:29:07,880 Speaker 1: in Philadelphia, I'll be reporting on a Carmaker's push to 513 00:29:07,880 --> 00:29:10,880 Speaker 1: make the most affordable e V in the nation. I'm 514 00:29:10,880 --> 00:29:13,720 Speaker 1: Scott car on w d c H in Washington. I'm 515 00:29:13,720 --> 00:29:17,479 Speaker 1: reporting on celebrity chef Gordon Ramsay opening a third eatery 516 00:29:17,560 --> 00:29:20,920 Speaker 1: in the Capital region. I'm Corney Donahoe on WHOA Who 517 00:29:21,120 --> 00:29:23,640 Speaker 1: in Fort Wayne. General Motors will make all of its 518 00:29:23,640 --> 00:29:28,200 Speaker 1: Buick models electric by I'm Gina Servetti and for w 519 00:29:28,360 --> 00:29:32,200 Speaker 1: BBM in Chicago. I'm reporting that United Airlines is renewing 520 00:29:32,240 --> 00:29:36,000 Speaker 1: the push for regulators to lessen congestion and delays at 521 00:29:36,040 --> 00:29:39,800 Speaker 1: Newark International And those are some of the stories. Are 522 00:29:40,560 --> 00:29:43,360 Speaker 1: hundred Bloomberg journalists and analysts are working on this morning 523 00:29:43,440 --> 00:29:45,920 Speaker 1: around the world. It's five thirty nine on Wall Street. 524 00:29:46,120 --> 00:29:50,000 Speaker 1: The following is an editorial from Bloomberg Opinion. Thanks to 525 00:29:50,040 --> 00:29:54,360 Speaker 1: the spectacular demise of Terry USD, a cryptocurrency that promised 526 00:29:54,360 --> 00:29:56,960 Speaker 1: to be always worth a dollar but was suddenly worth 527 00:29:57,000 --> 00:30:00,760 Speaker 1: a lot less, the world is better acquainted with table coins, 528 00:30:00,920 --> 00:30:04,560 Speaker 1: and that's how unstable they can be. Luckily, the collapse 529 00:30:04,600 --> 00:30:08,360 Speaker 1: hasn't had serious repercussions in the traditional financial system, but 530 00:30:08,400 --> 00:30:11,160 Speaker 1: if the US doesn't act soon to regulate these things, 531 00:30:11,440 --> 00:30:15,200 Speaker 1: the next one could. Unregulated stable coin issuers are prone 532 00:30:15,240 --> 00:30:19,000 Speaker 1: to creating systemic risks, and the more connections the crypto 533 00:30:19,080 --> 00:30:22,760 Speaker 1: world forms with traditional finance, the greater the chances that 534 00:30:22,840 --> 00:30:26,960 Speaker 1: a stable coin crash will cause broader damage. There's no 535 00:30:27,080 --> 00:30:30,240 Speaker 1: mystery about what needs to happen. The Treasury Department issued 536 00:30:30,280 --> 00:30:33,760 Speaker 1: a report last year detailing steps that Congress and federal 537 00:30:33,800 --> 00:30:36,400 Speaker 1: agencies ought to take. All the remains is to get 538 00:30:36,440 --> 00:30:40,000 Speaker 1: the job done, preferably before stable coins trigger the next 539 00:30:40,000 --> 00:30:43,240 Speaker 1: financial crisis. This editorial was written by the Bloomberg Opinion 540 00:30:43,360 --> 00:30:46,680 Speaker 1: Editorial Board. I'm David Shipley. For more Bloomberg opinion, please 541 00:30:46,720 --> 00:30:49,400 Speaker 1: go to Bloomberg dot com, slash opinion or OPI and 542 00:30:49,480 --> 00:30:53,240 Speaker 1: go on the Bloomberg terminal. These has been Bloomberg Opinion. 543 00:30:53,360 --> 00:30:56,720 Speaker 1: Listen for Bloomberg opinion editorials every weekday. At this time, 544 00:30:56,840 --> 00:31:01,240 Speaker 1: terminal customers can read more at OPI. N OH futures 545 00:31:01,280 --> 00:31:04,040 Speaker 1: moving higher, with SMP futures right now up nineteen points, 546 00:31:04,040 --> 00:31:06,720 Speaker 1: staff futures up a hundred thirteen, NASAC futures on the 547 00:31:06,800 --> 00:31:09,760 Speaker 1: rise by eighty three points ten. Your treasury down one 548 00:31:09,840 --> 00:31:14,320 Speaker 1: thirty second the yield two Nimex crew down two and 549 00:31:14,360 --> 00:31:16,680 Speaker 1: a half percent at a hundred twelve dollars thirty eight 550 00:31:16,720 --> 00:31:23,800 Speaker 1: cents a barrel. This is Bloomberg Bloomberg eleven three oh 551 00:31:23,840 --> 00:31:26,160 Speaker 1: Weather mostly cloudy today, chance for showers and storms of 552 00:31:26,200 --> 00:31:28,640 Speaker 1: the high near eighty will clear out Tomorrow. Friday, high 553 00:31:28,640 --> 00:31:32,440 Speaker 1: in the upper seventies and sunshine Saturday upper seventies once again. 554 00:31:32,480 --> 00:31:38,640 Speaker 1: Currently sixty three degrees in Central Park Markets. Headlines and 555 00:31:38,760 --> 00:31:42,040 Speaker 1: breaking news twenty four hours a day at Bloomberg dot Com, 556 00:31:42,160 --> 00:31:45,240 Speaker 1: the Bloomberg Business All, and at Bloomberg Quick Tape. This 557 00:31:45,680 --> 00:31:55,000 Speaker 1: is a Bloomberg Business Flash and I'm Cameron. Moscow stocks 558 00:31:55,000 --> 00:31:57,880 Speaker 1: in Europe in US Dot Index futures are climbing as 559 00:31:57,920 --> 00:32:01,560 Speaker 1: investors assess attractive valuations and a drop an oil prices 560 00:32:01,600 --> 00:32:05,240 Speaker 1: against hawkish messages from central bankers on reigning and inflation. 561 00:32:05,600 --> 00:32:08,360 Speaker 1: Crude oil sliding under report that Saudi Arabia is ready 562 00:32:08,400 --> 00:32:10,960 Speaker 1: to pump more oil if Russian output to clients. We 563 00:32:11,080 --> 00:32:13,480 Speaker 1: check the markets every fifteen minutes throughout the trading day 564 00:32:13,560 --> 00:32:16,480 Speaker 1: on Bloomberg Guess and p futures of nineteen points this morning. 565 00:32:16,720 --> 00:32:19,120 Speaker 1: Down futures have a hundred thirteen nast day futures of 566 00:32:19,240 --> 00:32:21,760 Speaker 1: eighty two The decks in Germany's up eight tens of 567 00:32:21,880 --> 00:32:24,280 Speaker 1: upper cent. The ten year treasury down one thirty second 568 00:32:24,360 --> 00:32:26,840 Speaker 1: yield two point nine one percent yield on a two 569 00:32:26,920 --> 00:32:29,800 Speaker 1: year two point six six percent nine x Scrude oil 570 00:32:29,880 --> 00:32:32,080 Speaker 1: is down two point four percent, down two dollars eighty 571 00:32:32,120 --> 00:32:34,360 Speaker 1: one cents at a hundred twelve dollars thirty nine cents 572 00:32:34,360 --> 00:32:37,000 Speaker 1: of barrel comics gold a half percent or eight dollars 573 00:32:37,080 --> 00:32:40,360 Speaker 1: seventy cents at eighteen fifty seven forty announced, the Euro 574 00:32:40,480 --> 00:32:43,000 Speaker 1: one point six eight seven against the dollar, British bound 575 00:32:43,000 --> 00:32:45,479 Speaker 1: one point to five four four the end at one 576 00:32:45,520 --> 00:32:48,280 Speaker 1: twenty nine point seven six and Big Coin is up 577 00:32:48,360 --> 00:32:52,160 Speaker 1: one percent at twenty nine thousand, nine hundred dollars. That's 578 00:32:52,160 --> 00:32:54,800 Speaker 1: a Bloomberg business flash. Now here's Michael bar with more 579 00:32:54,840 --> 00:32:57,640 Speaker 1: on what's going on around the world. Muchael, thank you 580 00:32:57,720 --> 00:33:00,200 Speaker 1: very much. Garin Telsa, police say a man carrying a 581 00:33:00,320 --> 00:33:03,400 Speaker 1: rifle and a handgun opened fire in a medical office building, 582 00:33:03,760 --> 00:33:06,480 Speaker 1: killing four people. Authorities say the gunman later took his 583 00:33:06,560 --> 00:33:10,320 Speaker 1: own life. With record high gas prices, President Joe Biden 584 00:33:10,440 --> 00:33:13,840 Speaker 1: is likely to visit Saudi Arabia later this month as 585 00:33:13,920 --> 00:33:16,640 Speaker 1: part of an international trip for NATO and Group of 586 00:33:16,680 --> 00:33:19,760 Speaker 1: Seven meetings. Game one of the NHL East Final, the 587 00:33:19,840 --> 00:33:24,000 Speaker 1: Rangers beat the Lightning six two. In the NBA Finals, 588 00:33:24,040 --> 00:33:27,600 Speaker 1: the Celtics play tonight baseball. The Yankees game was reigned out. 589 00:33:27,840 --> 00:33:30,280 Speaker 1: The Mets beat the Nationals five zip, The Red Sox 590 00:33:30,320 --> 00:33:33,440 Speaker 1: in Oriols won the A's and Giants lost. Global News 591 00:33:33,440 --> 00:33:36,080 Speaker 1: twenty four hours a day on air and on Bloomberg 592 00:33:36,160 --> 00:33:39,480 Speaker 1: Quick Take Power by more than journalists and analysts in 593 00:33:39,520 --> 00:33:42,160 Speaker 1: more than a hundred twenty countries. On Michael bar this 594 00:33:42,320 --> 00:33:46,440 Speaker 1: is Bloomberg, Nathan Celtics and Warriors looking great. That's gonna 595 00:33:46,480 --> 00:33:49,000 Speaker 1: be quite the matchup. All right, Michael, thank you. It's 596 00:33:49,040 --> 00:33:52,320 Speaker 1: five nine on Wall Street Live from the Bloomberg Interacted 597 00:33:52,320 --> 00:33:56,640 Speaker 1: Broker Studios. This is Bloomberg Daybreak and Stephen Whiting is 598 00:33:56,720 --> 00:33:58,880 Speaker 1: with us this morning to take a look at the market. 599 00:33:58,920 --> 00:34:03,360 Speaker 1: Chief investment strate just chief economist at City Global Wealth. Stephen, 600 00:34:03,400 --> 00:34:06,280 Speaker 1: good morning. The month of June certainly doesn't look like 601 00:34:06,280 --> 00:34:09,360 Speaker 1: it's got enough to a very good start, though futures 602 00:34:09,400 --> 00:34:12,239 Speaker 1: look like they're going to claw back some of yesterday's losses. 603 00:34:12,800 --> 00:34:16,279 Speaker 1: How do you view this market right now? I think 604 00:34:16,320 --> 00:34:21,200 Speaker 1: we look at it as constrained, constrained by the Federal Reserve. 605 00:34:21,800 --> 00:34:24,759 Speaker 1: I think a great deal of that is priced in. 606 00:34:25,400 --> 00:34:28,120 Speaker 1: It's not that we just uh went a lot in 607 00:34:28,239 --> 00:34:30,960 Speaker 1: terms of monetary policy tighten sevent five basis points, but 608 00:34:31,320 --> 00:34:34,320 Speaker 1: another two hundred over the course of what's left of 609 00:34:34,360 --> 00:34:39,160 Speaker 1: a year priced in along with quantitative tightening beginning uh 610 00:34:39,200 --> 00:34:41,520 Speaker 1: and we've got to remember the fiscal backdrop we've had 611 00:34:41,520 --> 00:34:46,000 Speaker 1: a twenty drop in government spending. That income support that 612 00:34:46,280 --> 00:34:49,279 Speaker 1: was helping consumers at a time when inflation is low 613 00:34:49,840 --> 00:34:52,680 Speaker 1: is gone now at a time when inflation is high. 614 00:34:52,840 --> 00:34:55,120 Speaker 1: So I think that the federal Reserve is going to 615 00:34:55,160 --> 00:34:59,480 Speaker 1: be there to constrain any easing of financial conditions. But 616 00:34:59,600 --> 00:35:02,359 Speaker 1: we will so again had a great big effect here 617 00:35:02,520 --> 00:35:06,000 Speaker 1: with both stocks and bonds down together, and that's a 618 00:35:06,080 --> 00:35:08,200 Speaker 1: big down payment on any kind of slowing in the 619 00:35:08,239 --> 00:35:10,440 Speaker 1: economy that we should expect. So you're not looking for 620 00:35:10,480 --> 00:35:14,279 Speaker 1: any slack from the Fed. Given where the tightening of 621 00:35:14,360 --> 00:35:17,800 Speaker 1: financial conditions has gone in this market. At this point, 622 00:35:18,400 --> 00:35:20,640 Speaker 1: you know that the Fiddle Reserve at the end of 623 00:35:20,640 --> 00:35:23,560 Speaker 1: the day will have to be forward looking. We're not 624 00:35:23,640 --> 00:35:27,440 Speaker 1: going to expect that that pricing and tightening over the 625 00:35:27,480 --> 00:35:31,000 Speaker 1: coming year is going to infect employment data this month. 626 00:35:31,520 --> 00:35:36,239 Speaker 1: Things like cancelations of new home contracts are not going 627 00:35:36,280 --> 00:35:39,200 Speaker 1: to affect the building of housing, for example, and an 628 00:35:39,239 --> 00:35:42,400 Speaker 1: immediate labor demand. But that's the issue here. The settle 629 00:35:42,440 --> 00:35:46,480 Speaker 1: Reserve is aiming policy at what the economy will do 630 00:35:46,480 --> 00:35:51,560 Speaker 1: in three but it's looking backwards and inflation, but yet 631 00:35:51,719 --> 00:35:56,080 Speaker 1: getting just to the point where we can assess whether 632 00:35:56,239 --> 00:36:00,560 Speaker 1: past policy action is sufficient. It's going to require again 633 00:36:00,960 --> 00:36:04,399 Speaker 1: some months here and probably a couple more large rate 634 00:36:04,400 --> 00:36:06,840 Speaker 1: moves out of the ft. So I think they can't 635 00:36:06,880 --> 00:36:10,480 Speaker 1: allow the financial markets to have their party about a 636 00:36:10,600 --> 00:36:13,480 Speaker 1: slowing FED before they've actually slowed. Now, we got a 637 00:36:13,480 --> 00:36:16,600 Speaker 1: bit of a shutter for the market yesterday from Jamie 638 00:36:16,600 --> 00:36:21,120 Speaker 1: Diamond over at JP Morgan warning of an economic hurricane coming. 639 00:36:21,320 --> 00:36:25,920 Speaker 1: How do you see the economic backdrop? So look, I 640 00:36:25,960 --> 00:36:30,960 Speaker 1: think there are constructive signs beneath the surface, really good ones. 641 00:36:31,480 --> 00:36:33,880 Speaker 1: And you know, we're not seeing that we're out of 642 00:36:33,880 --> 00:36:37,920 Speaker 1: the woods. We think that recession risk is quite unusually 643 00:36:38,000 --> 00:36:40,880 Speaker 1: high for the coming year because of the way the 644 00:36:40,960 --> 00:36:44,560 Speaker 1: Federal Reserve is addressing a supply shock tightening into it. 645 00:36:45,040 --> 00:36:47,560 Speaker 1: But if you take a look, we've had a nice 646 00:36:48,040 --> 00:36:51,320 Speaker 1: increase in domestic consumer goods production for the first time 647 00:36:51,600 --> 00:36:55,560 Speaker 1: in a while. UM it's rising four percent. Imports in 648 00:36:55,719 --> 00:36:58,120 Speaker 1: unit terms are growing twelve percent. I mean this is 649 00:36:58,160 --> 00:37:02,320 Speaker 1: a lot faster than humor goods consumption. So again, getting 650 00:37:02,360 --> 00:37:05,359 Speaker 1: to the point where market forces slow the inflation rate. 651 00:37:05,520 --> 00:37:08,719 Speaker 1: I'm not talking about a particular commodity like oil, but 652 00:37:09,200 --> 00:37:13,160 Speaker 1: generally speaking, again, a slower demand pase from fiscal tightening. 653 00:37:13,360 --> 00:37:15,560 Speaker 1: Even more important than what I just talked about on 654 00:37:15,680 --> 00:37:19,279 Speaker 1: rates UH and UH supply going up, that this is 655 00:37:19,320 --> 00:37:22,480 Speaker 1: again pointing to a lower future inflation rate. Now, can 656 00:37:22,480 --> 00:37:26,799 Speaker 1: that come faster than the Feds and patients with policy? Now, 657 00:37:26,880 --> 00:37:28,960 Speaker 1: that's sort of a key question. So I think that 658 00:37:29,040 --> 00:37:31,480 Speaker 1: the underlying signs again are very much with our view. 659 00:37:31,520 --> 00:37:35,360 Speaker 1: That will be economy will slow. It has to inflation 660 00:37:35,400 --> 00:37:38,000 Speaker 1: has to slow. There is a very visible path to 661 00:37:38,000 --> 00:37:40,200 Speaker 1: do this without a recession. Though. Do you think there's 662 00:37:40,239 --> 00:37:44,280 Speaker 1: gonna be any impact on the FEDS rate UH calculations 663 00:37:44,320 --> 00:37:47,880 Speaker 1: when we get the May jobs report tomorrow, we continue 664 00:37:47,920 --> 00:37:51,720 Speaker 1: to see signs of pretty extreme tightness in the labor market, 665 00:37:52,680 --> 00:37:56,440 Speaker 1: it'll be hard for anything tomorrow to change the FITS view. 666 00:37:56,640 --> 00:37:59,200 Speaker 1: I think again, if we started to see what we 667 00:37:59,360 --> 00:38:02,239 Speaker 1: what we've be in to see, for example, with UH 668 00:38:02,480 --> 00:38:06,440 Speaker 1: job openings for example, coming down, everyone's saying whatever it 669 00:38:06,520 --> 00:38:10,600 Speaker 1: is I'm bidding for for labor, for orders for goods. 670 00:38:10,640 --> 00:38:15,480 Speaker 1: If you actually see the underlying economy, the demand side, 671 00:38:15,719 --> 00:38:18,720 Speaker 1: slow down, you will see some of those job openings 672 00:38:18,719 --> 00:38:20,839 Speaker 1: go away. Now, I don't think that's something that you're 673 00:38:20,840 --> 00:38:23,239 Speaker 1: going to see in real time and coincident indicators like 674 00:38:23,440 --> 00:38:27,000 Speaker 1: uh nonfarm employment. So I think that the Federal Reserve 675 00:38:27,080 --> 00:38:29,480 Speaker 1: is probably not going to get anything new to change 676 00:38:29,520 --> 00:38:34,360 Speaker 1: their view with tomorrow's data as surprise as possible, of course, 677 00:38:34,400 --> 00:38:36,680 Speaker 1: I mean there have been after a strong Mays in 678 00:38:36,719 --> 00:38:39,759 Speaker 1: the year earlier, there month to month variation that can 679 00:38:39,800 --> 00:38:43,760 Speaker 1: be a hurdle for a slower employment report. The summer 680 00:38:43,760 --> 00:38:46,480 Speaker 1: will be more interesting the next couple of quarters. There 681 00:38:46,480 --> 00:38:49,359 Speaker 1: are enough building signs that we should be in a 682 00:38:49,440 --> 00:38:53,239 Speaker 1: decelerating employment path, but it is again from a very strong, 683 00:38:53,320 --> 00:38:56,160 Speaker 1: unsustainable level. Thanks for this, Stephen. Good to get your 684 00:38:56,200 --> 00:38:59,000 Speaker 1: insights this morning. Stephen Whiting with us this morning, chief 685 00:38:59,040 --> 00:39:02,920 Speaker 1: investment strategist and chief economist at City Global Wealth. Karen 686 00:39:03,280 --> 00:39:06,120 Speaker 1: Well Nathan, it is five fifty four on Wall Street, 687 00:39:06,120 --> 00:39:08,799 Speaker 1: and here's a legal story we're watching this morning. It's 688 00:39:08,800 --> 00:39:11,680 Speaker 1: been a month since the unprecedented leak of a draft 689 00:39:11,760 --> 00:39:14,719 Speaker 1: opinion that would strike down Roe v. Wade, a leak 690 00:39:14,800 --> 00:39:19,200 Speaker 1: that has sparked nationwide protests from abortion supporters. In the meantime, 691 00:39:19,239 --> 00:39:22,080 Speaker 1: the investigation by the Marshal of the Supreme Court into 692 00:39:22,080 --> 00:39:25,400 Speaker 1: who leaked the draft seems to be escalating and focusing 693 00:39:25,440 --> 00:39:28,200 Speaker 1: on the clerks of the justices. For more on the matter, 694 00:39:28,280 --> 00:39:31,400 Speaker 1: Jim Grasso speaks to Bloomberg Law Supreme Court reporter Kimberly 695 00:39:31,560 --> 00:39:36,239 Speaker 1: Strawbridge Robinson. What's the latest on the investigation by the 696 00:39:36,320 --> 00:39:40,920 Speaker 1: Supreme Court Marshal's Office. Well, you know, we have heard 697 00:39:41,000 --> 00:39:44,400 Speaker 1: some more leaking from the leak that the Marshall's Office 698 00:39:44,680 --> 00:39:49,160 Speaker 1: is taking. Particular that's to get personal phone records from 699 00:39:49,200 --> 00:39:51,319 Speaker 1: the clerks, and we have Bloomberg haven't been able to 700 00:39:51,560 --> 00:39:55,879 Speaker 1: independently verify that, but that's definitely something that signals kind 701 00:39:55,920 --> 00:40:00,120 Speaker 1: of a unique and start change from the atmosphere the 702 00:40:00,120 --> 00:40:02,800 Speaker 1: court before. You know, typically this is a very friendly 703 00:40:02,880 --> 00:40:07,360 Speaker 1: institution and to see the Marshall's Office requesting the personal 704 00:40:07,400 --> 00:40:10,560 Speaker 1: information of their clerks is something pretty jarring for someone 705 00:40:10,600 --> 00:40:12,840 Speaker 1: like me has been watching the court for ten years. 706 00:40:13,280 --> 00:40:15,600 Speaker 1: I do question, though, I've seen a lot of criticism 707 00:40:15,840 --> 00:40:18,880 Speaker 1: that the Marshal's Office is an equipped to handle this 708 00:40:19,040 --> 00:40:21,760 Speaker 1: kind of investigation to really fair at out the person 709 00:40:21,800 --> 00:40:24,719 Speaker 1: who leaked and to punish them. But you know, I've 710 00:40:24,760 --> 00:40:27,520 Speaker 1: been wondering if that's really the goal of the justices 711 00:40:27,760 --> 00:40:30,120 Speaker 1: within the courthouse. Of course, they want to find out 712 00:40:30,120 --> 00:40:33,520 Speaker 1: who did this and why, But punishing their law clerks, 713 00:40:33,560 --> 00:40:36,080 Speaker 1: these young recent law school graduates, I'm not sure is 714 00:40:36,080 --> 00:40:38,719 Speaker 1: their top priority. But we'll just have to wait and 715 00:40:38,760 --> 00:40:41,799 Speaker 1: see where this investigation leads and see if the court 716 00:40:41,840 --> 00:40:44,600 Speaker 1: actually tells us how going or how it's concluded. I 717 00:40:44,600 --> 00:40:47,080 Speaker 1: still don't even know if that's going to happen. Do 718 00:40:47,120 --> 00:40:49,880 Speaker 1: you know how many people have access to these draft rulings? 719 00:40:50,400 --> 00:40:53,680 Speaker 1: Is it more than the justices and their clerks? It 720 00:40:53,840 --> 00:40:56,080 Speaker 1: is a little bit more than the justices and their clerks. 721 00:40:56,239 --> 00:40:58,360 Speaker 1: I think the best guest that I have now is 722 00:40:58,400 --> 00:41:02,000 Speaker 1: somewhere around seventy eight people, because they're just some people 723 00:41:02,080 --> 00:41:05,040 Speaker 1: around the buildings who have to you know, have access 724 00:41:05,120 --> 00:41:08,680 Speaker 1: to emails, have access to printing, and there there of 725 00:41:08,680 --> 00:41:11,960 Speaker 1: course will be some people doing some administrative things with 726 00:41:12,080 --> 00:41:14,480 Speaker 1: the opinion. So it is a bit broader than the 727 00:41:14,520 --> 00:41:18,080 Speaker 1: clerks and the justices. But if the news that we're 728 00:41:18,120 --> 00:41:20,920 Speaker 1: hearing out of the investigation is true, it really does 729 00:41:20,960 --> 00:41:23,600 Speaker 1: seem like the Marshall's office is focused on the clerks, 730 00:41:23,640 --> 00:41:26,279 Speaker 1: so maybe they know something we don't. It seems odd 731 00:41:26,320 --> 00:41:29,520 Speaker 1: because most legal experts say, well, you know, it wouldn't 732 00:41:29,520 --> 00:41:33,359 Speaker 1: be the clerks because that would ruin the clerk's career. Well, 733 00:41:33,480 --> 00:41:36,040 Speaker 1: that certainly is a good argument for why it wouldn't 734 00:41:36,040 --> 00:41:38,960 Speaker 1: be a clerk. And we don't have leaks very often. 735 00:41:39,200 --> 00:41:42,000 Speaker 1: We do have one kind of situation that we can 736 00:41:42,040 --> 00:41:45,319 Speaker 1: look back to, after the plan her parents had versus 737 00:41:45,440 --> 00:41:48,240 Speaker 1: Kasey abortion rulling. One of the clerks at that time, 738 00:41:48,520 --> 00:41:51,239 Speaker 1: after the opinion had been announced then wrote sort of 739 00:41:51,280 --> 00:41:55,040 Speaker 1: a telltale book and sort of shunned from at least 740 00:41:55,080 --> 00:41:59,440 Speaker 1: the litigation aspect of the legal field, but beyond that, 741 00:42:00,040 --> 00:42:03,200 Speaker 1: this is brilliant, unprecedented situation that we're in and so 742 00:42:03,520 --> 00:42:05,840 Speaker 1: really no telling where this is going to lead up. 743 00:42:06,440 --> 00:42:10,160 Speaker 1: And that's Bloomberg Law Supreme Court reporter Kimberly Strawbridge Robinson 744 00:42:10,239 --> 00:42:13,399 Speaker 1: speaking with Juan Grosso. Catch more of that interview, plus 745 00:42:13,400 --> 00:42:16,000 Speaker 1: analysis of the latest legal news, by subscribing to the 746 00:42:16,000 --> 00:42:19,520 Speaker 1: Bloomberg Law Podcast or downloading this show at Bloomberg dot 747 00:42:19,520 --> 00:42:23,200 Speaker 1: com Slash podcast. Attorneys can find exceptional legal research and 748 00:42:23,239 --> 00:42:26,160 Speaker 1: business development tools at Bloomberg Law dot com and on 749 00:42:26,239 --> 00:42:30,160 Speaker 1: the Bloomberg terminal at b Law Go. SNP Future is 750 00:42:30,239 --> 00:42:32,800 Speaker 1: up seventeen points this morning, down Futures up a hundred 751 00:42:32,840 --> 00:42:36,880 Speaker 1: three Nasdag futures up seventy three and the tenure treasury 752 00:42:36,880 --> 00:42:40,040 Speaker 1: down one thirty second held two point nine one. Still 753 00:42:40,040 --> 00:42:42,280 Speaker 1: ahead of Bloomberg day break and check on the business 754 00:42:42,320 --> 00:42:44,759 Speaker 1: headlaws and all the news you need to start your day. 755 00:42:45,239 --> 00:42:46,759 Speaker 1: And this is Bloomberg