WEBVTT - Obamas Praise Harris and Jab Trump; Traders Ready for Jackson Hole

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<v Speaker 1>Bloomberg Audio Studios, podcasts, radio news. Good morning, I'm Nathan

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<v Speaker 1>Hager and I'm Karen Moscow. Here are the stories we're

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<v Speaker 1>following today, Karen.

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<v Speaker 2>We began in Chicago for nine two of the Democratic

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<v Speaker 2>National Convention, taking center stage former President Barack Obama and

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<v Speaker 2>former First Lady Michelle Obama. The Chicago Natives highlighted Kamala

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<v Speaker 2>Harris's vision for the country while directing sharp jabs at

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<v Speaker 2>former President Trump. Former President Obama praised Harris as the

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<v Speaker 2>party's future.

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<v Speaker 3>Discourage and conflict, fighting disease, promoting human rights, protecting the

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<v Speaker 3>planet from klimate change, the feminine freedom, Brooklyn peace.

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<v Speaker 4>That's what Kanada.

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<v Speaker 5>Harris Bill is, and so the most America.

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<v Speaker 2>And the former president called Donald Trump a billionaire who

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<v Speaker 2>has not stopped whining about his problem since he sought

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<v Speaker 2>the presidency in twenty fifteen.

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<v Speaker 3>There's the childish nicknames, the crazy conspiracy theories, this weird

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<v Speaker 3>obsession with crowd sizes.

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<v Speaker 2>Along with Barack Obama, his wife Michelle drew huge applause

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<v Speaker 2>with a jab at Trump's promise to deliver more quote

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<v Speaker 2>black jobs.

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<v Speaker 6>Who's gonna tell him, Who's gonna tell him that the

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<v Speaker 6>job he's currently seeking might just be one of those black.

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<v Speaker 2>Jobs, and along with Michelle and Barack Obama, featured speakers

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<v Speaker 2>on the night included Vermont Senator Bernie Sanders and Illinois

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<v Speaker 2>Governor J. B.

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<v Speaker 7>Pritzker.

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<v Speaker 1>Well Nathan After making a surprise appearance on the first

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<v Speaker 1>night of the DNC, Vice President Harris was absent last night,

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<v Speaker 1>but she wasn't too far away. Harris and her running

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<v Speaker 1>mate Tim Watz, We're holding a campaign rally in Milwaukee.

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<v Speaker 1>The Harris campaigns hoping to rebuild the multi ethnic, multi

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<v Speaker 1>generational coalition that elected Obama twice. And in the latest

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<v Speaker 1>Bloomberg Morning Consul pull Harrison Trump or in a statistical

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<v Speaker 1>dead heat in the swing states that will likely to

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<v Speaker 1>sign November's election. The statistical margin of error is plus

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<v Speaker 1>or minus one percentage point across the seven swing states.

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<v Speaker 2>Meanwhile, Karen Trump is testing out new messaging for his

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<v Speaker 2>third presidential campaign. Bloomberg's At Baxter has that story.

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<v Speaker 8>Trump is trying to change his strategy midstream, with the

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<v Speaker 8>other side talking about unity and about him being a

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<v Speaker 8>divisive figure participating in culture wars, so he is now

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<v Speaker 8>saying he is not radical. Quote, I'm just a common

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<v Speaker 8>sense person that has been successful. Common sense. He's been

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<v Speaker 8>in Michigan talking that regarding law enforcement.

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<v Speaker 4>This is a very dangerous time that we're in.

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<v Speaker 1>It's dangerous in terms of crime and all, but it's

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<v Speaker 1>very dangerous in terms of impossible World War three.

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<v Speaker 8>He also says about the party Conservative, Yeah, I guess conservative.

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<v Speaker 8>It doesn't matter at Baxter Bloomberg Radio.

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<v Speaker 2>Right, thank you, and as the name gets to know,

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<v Speaker 2>Trump's running mate JD. Vance, along with Harris's running mate

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<v Speaker 2>Tim Waltz, the Ohio Senator, is off to a rockier start.

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<v Speaker 2>A new poll from the Associated Press and NRC Center

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<v Speaker 2>for Public Affairs Research shows about one third of American

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<v Speaker 2>adults have a favorable view of Waltz twenty seven percent

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<v Speaker 2>have a positive view of Vans. Both are well liked

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<v Speaker 2>within their parties, but significantly more adults have also have

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<v Speaker 2>an unfavorable view of Vance than Waltz. The poll's margin

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<v Speaker 2>of area is plus or minus three point eight percentage points.

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<v Speaker 2>Waltz speaks at the DNC tonight on.

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<v Speaker 1>Nathan turning to the Middle East. Now, US Secretary of

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<v Speaker 1>State Anthony Blincoln left the region after failing to secure

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<v Speaker 1>a deal to stop the fighting between Hamas and Israel.

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<v Speaker 1>Before boarding a plane to Washington, Blincoln emphasized an urgent

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<v Speaker 1>need for a peace deal.

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<v Speaker 3>Our message is simple, it's clear, and it's urgent.

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<v Speaker 8>We need to.

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<v Speaker 3>Get the ceasefire and hostage agreement over the finish line,

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<v Speaker 3>and we need to do it now.

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<v Speaker 1>And Secretary of State Blincoln met with Egyptian and could

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<v Speaker 1>try officials before returning home. It marked is Nei the

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<v Speaker 1>trip to the Middle East since the war began last year.

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<v Speaker 2>Well, saying overseas, Karen, we continue to follow the tragedy

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<v Speaker 2>off the coast of Sicily. British tech tycoon Mike Lynch

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<v Speaker 2>is one of six people feared dead after a storm

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<v Speaker 2>sank the luxury yacht they were on. Earlier this week.

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<v Speaker 2>Morgan Stanley International chairman Jonathan Bloomer is also among those

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<v Speaker 2>missing six. The Italian Coastguard says it will continue the

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<v Speaker 2>search for the sunken wreckage today.

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<v Speaker 1>Well, turning now to the economy, Nathan, Traders are gearing

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<v Speaker 1>up for a key speech from FED chair j Powell

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<v Speaker 1>at Jackson Hole this Friday. Bond traders are currently taking

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<v Speaker 1>on a record amount of risk with leverage positions in

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<v Speaker 1>Treasury futures sitting at an all time high. It marks

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<v Speaker 1>a big bet that the Fed's readying to cut interest rates.

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<v Speaker 1>Bloomberg Chief economist Anna Wong says she expects Powell to

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<v Speaker 1>deliver a dubvish signal on Friday.

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<v Speaker 9>I think Powell will declare that the balance of risk

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<v Speaker 9>between the full employment and at price stability mande is

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<v Speaker 9>about e now, and we have complete the economy has

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<v Speaker 9>completed the process of normalization, and basically he just I

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<v Speaker 9>think it's a green light for right cuts in the future.

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<v Speaker 1>Bloomberg Chief economist Anda Wong says traders will get further

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<v Speaker 1>clues on possible cuts later today when the FED issues

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<v Speaker 1>minutes of July's policy meeting. Make sure to catch a

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<v Speaker 1>special edition of Bloomberg Surveillance Lie from Jackson Hole That's Friday,

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<v Speaker 1>starting at nine am Wall Street Time on Bloomberg Radio

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<v Speaker 1>and television.

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<v Speaker 2>The Karen Traders are also closely following Fed speak for

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<v Speaker 2>more clues on potential right cuts. FED Governor Michelle Bowman

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<v Speaker 2>said she would support decreases if growth in prices slows further.

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<v Speaker 2>Bowman spoke at the Alaska Bankers Association Anchorage. She also

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<v Speaker 2>warned of upside risk from geopolitics and increased housing.

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<v Speaker 1>Demand, and turning now to a key ruling in Texas Nathan,

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<v Speaker 1>a federal judge has ruled the US Federal Trade Commission

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<v Speaker 1>cannot enforce its near total ban on non compete agreements

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<v Speaker 1>because the agency lacked the thirty to enact the rule.

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<v Speaker 1>Judge Ada Brown in Dallas said the FTC's rule is

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<v Speaker 1>unreasonably over broad. It prevents the agency rule from going

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<v Speaker 1>into effect in September. The FDC said it's considering a

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<v Speaker 1>potential appeal.

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<v Speaker 2>Let's get to some company news now. Karen Walmart raised

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<v Speaker 2>as much as three point seven billion dollars selling its

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<v Speaker 2>stake in Chinese e commerce firm JD dot Com. The

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<v Speaker 2>company's Hong Kong listed shares fell as much as twelve

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<v Speaker 2>percent on the news. It's assigned Walmart is refining its

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<v Speaker 2>strategy in China, which continues to face economic headwinds well.

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<v Speaker 1>Also on the company news from Nathan, Netflix shares hit

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<v Speaker 1>their first record in three years, taking out a high

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<v Speaker 1>that stood since late twenty twenty. It comes after the

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<v Speaker 1>streaming giant disclosed on more than one hundred and fifty

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<v Speaker 1>percent increase in upfront ads sales commitments compared to twenty

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<v Speaker 1>twenty three.

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<v Speaker 2>And we got some big news this morning for our

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<v Speaker 2>listeners in New England, Karen, because Bloomberg one oh, six'

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<v Speaker 2>one and thirteen thirty are moving to ninety two nine

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<v Speaker 2>FM this morning. But September third is when you can

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<v Speaker 2>start listening to Bloomberg Radio in and around Boston on

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<v Speaker 2>ninety two to nine FM, your new source for business

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<v Speaker 2>news from the financial center of New England. Bloomberg Radio

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<v Speaker 2>coming to ninety two nine FM noon the day after

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<v Speaker 2>Labor Day.

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<v Speaker 1>Ye time over look at some of the other stories

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<v Speaker 1>making news in New York and around the world, and

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<v Speaker 1>for that were joined by Bloomberg's Michael Barr Michael, good morning, Good.

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<v Speaker 10>Morning, Karen. There were other speakers as well. During the

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<v Speaker 10>second night at the Democratic National Convention. Senator Chuck Schumer

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<v Speaker 10>of New York agreed with former President Barack Obama and

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<v Speaker 10>First Lady Michelle Obama this is not the time to

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<v Speaker 10>sit back and coast. After his speech, the Senate Majority

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<v Speaker 10>leader spoke to ABC.

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<v Speaker 7>Nobody does it better than Obama, but Michelle came real close.

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<v Speaker 7>I mean, they were incredible and appealing both to the

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<v Speaker 7>the problems of what a Trump administration would do.

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<v Speaker 10>On Monday night, New York Representative Alexandria Ocassio Cortes spoke

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<v Speaker 10>calling on Democrats to make history on November fifth. Now

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<v Speaker 10>that New Jersey Senator Bob Menendez is now out of

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<v Speaker 10>a job after his conviction on corruption charges, Senators have

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<v Speaker 10>to figure out who will fill his seat on some

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<v Speaker 10>powerful committees. Senate Democrats will likely use and interim appointee

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<v Speaker 10>to fill those seats on the Finance, Banking, and Foreign

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<v Speaker 10>Relations committees when the chamber returns early next month. An

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<v Speaker 10>emerging short term option would be to hand the assignments

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<v Speaker 10>to Democratic Senator designate George Helming, who new Jersey Governor

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<v Speaker 10>Field Murphy appointed as a temporary replacement through the November

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<v Speaker 10>general election. An explosion destroyed a Pennsylvania house, killing one

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<v Speaker 10>person and injuring another. Firefighters in Lackawana County put the

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<v Speaker 10>flames out at home in Jefferson Township. This neighbor felt

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<v Speaker 10>the blast.

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<v Speaker 11>I was mowing my backyard and I was head of

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<v Speaker 11>this direction and basically just a huge boom.

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<v Speaker 10>Investigators initially leave a pro pane leak in the home

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<v Speaker 10>caused the blast. And Independent Commission released its report on

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<v Speaker 10>the serial shooting in Lewiston, Maine, last October, which killed

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<v Speaker 10>eighteen people and injured thirteen others. Dan Wathaon, chairman of

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<v Speaker 10>the Independent Commission that investigated the shooting, says Robert cart

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<v Speaker 10>was solely responsible for the shooting spree, but saying opportunities

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<v Speaker 10>weremissed before the attack. Watham says the Army Reservist superiors

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<v Speaker 10>failed to share information with the local sheriff's office about

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<v Speaker 10>cards threatening and aggressive behavior and his collection of guns.

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<v Speaker 11>The Army Reserve neglected to share all the information relating

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<v Speaker 11>to cards threatening behavior with the sheriff's office and discouded

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<v Speaker 11>some of the evidence about the threat He polls.

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<v Speaker 10>Global news twenty four hours a day and whenever you

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<v Speaker 10>want it with Bloomberg News Now. I'm Michael Barne. This

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<v Speaker 10>is Bloomberg.

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<v Speaker 1>Hearen, hurry, Michael Barr thank you Bes. Time now for

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<v Speaker 1>the Bloombergs Update with John Stashauer.

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<v Speaker 4>John, good morning, Good morning, Karen. With extra innings continuing

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<v Speaker 4>to begin with the runner at second base. Games don't

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<v Speaker 4>normally last twelve innings anymore. Of the Yankees and Guardians

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<v Speaker 4>did go twelve at the Stadium, longest game played in

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<v Speaker 4>the Majors this season in Cleveland, erupted with six runs

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<v Speaker 4>in the twelfth David fry At a three run trip

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<v Speaker 4>with the Guardians one nine to five, a game that

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<v Speaker 4>saw sixteen different pitchers used. Thirty two runners were left on.

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<v Speaker 4>Bajuan Soto and Aaron Judge began the night with back

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<v Speaker 4>to back first hitting homer, Soto's thirty fifth the season

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<v Speaker 4>to tire career high number forty five for Judge. The

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<v Speaker 4>rare knight that saw both New York teams play at

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<v Speaker 4>home at Cityfield. Baltimore led seven to one in the

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<v Speaker 4>fifth inning. Mets scored four in the eighth JD. Martinez

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<v Speaker 4>At a three run homer, but the Orioles won nine

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<v Speaker 4>to five, and they moved back ahead of the Yankees

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<v Speaker 4>into first place in the Al East. Mets fall two

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<v Speaker 4>and a half behind Atlanta for the last playoff spot.

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<v Speaker 4>Braves beat the Phillies three to one. Atlanta just lost

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<v Speaker 4>third baseman Austin Riley for the rest of the season

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<v Speaker 4>broken hand. They have signed one time Yankee, Geo or Sela.

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<v Speaker 4>He just got released in Detroit Red Sox, the ex

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<v Speaker 4>met Dom Smith. The Stots one, six to five in Houston.

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<v Speaker 4>Jaron Durant four hits, including the go ahead home run

0:11:07.200 --> 0:11:10.000
<v Speaker 4>eighth inning. Jets the Giants course Sheriff Stadium. They'll play

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<v Speaker 4>a preseason game there on Saturday today, a joint practice

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<v Speaker 4>between the two New York teams. Here's Aaron Rodgers.

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<v Speaker 12>Excited to see see Elik. You know, see what he's

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<v Speaker 12>on about. A good opportunity for end. We're going to

0:11:22.679 --> 0:11:26.040
<v Speaker 12>get some, you know, our premier corners. And anytime you

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<v Speaker 12>get teams together, it's always interesting you see how it

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<v Speaker 12>shakes out as far as you know, personalities and pushing

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<v Speaker 12>and shoving, and there's you know, there's a fear of

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<v Speaker 12>somebody throwing a punch.

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<v Speaker 4>And Rodgers was referring to the Giants. Rookie white Out

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<v Speaker 4>maleak Neighbors US Open starts Monday. Yannie Center is the

0:11:43.000 --> 0:11:47.200
<v Speaker 4>men's top seed. He tested positive for steroids this past spring,

0:11:47.280 --> 0:11:50.360
<v Speaker 4>but it's been ruled and it was in his system unintentionally.

0:11:50.720 --> 0:11:53.400
<v Speaker 4>Center will be allowed to play the Open. John Stashed

0:11:53.520 --> 0:11:54.559
<v Speaker 4>wear Bloomberg.

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<v Speaker 5>Sports Coast to Coast on Bloomberg Radio, nationwide on SEREA XM,

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<v Speaker 5>and around the world on Bloomberg dot Com and the

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<v Speaker 5>Bloomberg Business app. This is Bloomberg Daybreak. Good morning, I'm

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<v Speaker 5>Nathan Hager.

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<v Speaker 2>Night two of the Democratic National Convention saw Barack and

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<v Speaker 2>Michelle Obama energize the crown in Chicago with a rousing

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<v Speaker 2>endorsement of Kamala Harris and a warning about Donald Trump.

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<v Speaker 3>We do not need four more years a bluster and

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<v Speaker 3>bumbling and chaos. We have seen that movie before, and

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<v Speaker 3>we all know that the sequel is usually worse.

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<v Speaker 9>For more.

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<v Speaker 2>This morning, we were joined by Lindsay Newman, geopolitical risk

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<v Speaker 2>expert and calumnist for G zero Media. Lindsey, good morning.

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<v Speaker 2>We heard the Obamas sort of try to recapture that

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<v Speaker 2>energy from two thousand and eight. Can Kamala Harris carry

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<v Speaker 2>that forward?

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<v Speaker 13>Good morning morning, Nathan, Thanks for having me on you.

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<v Speaker 13>This week's Democratic National Convention, as you say, represents a

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<v Speaker 13>big test, and it's fair to say that Democrats have'sen

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<v Speaker 13>a massive reversal and fortune over the last month. By

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<v Speaker 13>most accounts, just about a month ago, six weeks ago,

0:13:06.120 --> 0:13:10.599
<v Speaker 13>Donald Trump was slow walking to that sequel in November

0:13:10.880 --> 0:13:12.520
<v Speaker 13>that we heard at the start here, and now the

0:13:12.520 --> 0:13:15.600
<v Speaker 13>storyline has totally changed. I've heard people reflect on what's

0:13:15.640 --> 0:13:17.760
<v Speaker 13>going on on the ground and the DNC as Democrats

0:13:17.800 --> 0:13:20.920
<v Speaker 13>having faced a near death experience, Harris now head to

0:13:20.960 --> 0:13:24.439
<v Speaker 13>head with Donald Trump. And of course, last night's theme

0:13:24.480 --> 0:13:26.760
<v Speaker 13>around a bold vision for America, as you say, was

0:13:26.800 --> 0:13:29.800
<v Speaker 13>headlined by the Obamas, who really wrapped Harris in this

0:13:29.920 --> 0:13:32.760
<v Speaker 13>brand of hope that was so powerful when Obama ran

0:13:32.880 --> 0:13:34.839
<v Speaker 13>for president in two thousand and eight the first time.

0:13:35.200 --> 0:13:37.720
<v Speaker 13>And Harris's campaign has to be thrilled with how well

0:13:37.720 --> 0:13:40.320
<v Speaker 13>the Obamas told it last night. You know, they contextualized

0:13:40.320 --> 0:13:45.360
<v Speaker 13>her this moment. They embraced Harris's candidacy, saying that Harris

0:13:45.480 --> 0:13:48.360
<v Speaker 13>is here for you. Michelle Obama said, the narrative is

0:13:49.440 --> 0:13:52.959
<v Speaker 13>about her story is your story, and so that was

0:13:53.000 --> 0:13:54.880
<v Speaker 13>a you know, this is a big moment for the

0:13:54.920 --> 0:13:55.760
<v Speaker 13>campaign last night.

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<v Speaker 2>I want to bring in a little bit more of

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<v Speaker 2>what the former First Lady had to say as well,

0:14:00.040 --> 0:14:03.600
<v Speaker 2>her warnings about the potential impact of former President Trump

0:14:03.679 --> 0:14:05.000
<v Speaker 2>on this race. Let's listen to that.

0:14:05.600 --> 0:14:08.920
<v Speaker 6>If they lie about her, and they will, we've got

0:14:08.960 --> 0:14:12.679
<v Speaker 6>to do something. If we see a bad poll, and

0:14:12.800 --> 0:14:14.920
<v Speaker 6>we will, we got to put down that phone and

0:14:15.320 --> 0:14:16.160
<v Speaker 6>do something.

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<v Speaker 2>Till now, there's been some downplaying of the idea of

0:14:20.520 --> 0:14:24.520
<v Speaker 2>a threat to democracy that former President Trump poses, at

0:14:24.600 --> 0:14:27.720
<v Speaker 2>least as the Democrats see it. What did you make

0:14:27.720 --> 0:14:29.880
<v Speaker 2>of the message from Kamala Harris last or I'm sorry

0:14:29.920 --> 0:14:31.240
<v Speaker 2>for Michelle Obama last night.

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<v Speaker 13>Well, one of the big storylines that Michelle Obama clearly

0:14:35.800 --> 0:14:39.920
<v Speaker 13>transmitted was that time is short. Barack Obama said, the

0:14:40.000 --> 0:14:42.760
<v Speaker 13>job is, there's a job to do. It's only eleven weeks.

0:14:42.800 --> 0:14:45.840
<v Speaker 13>Michelle said, you know, don't mind the foolishness if somebody

0:14:45.880 --> 0:14:47.720
<v Speaker 13>hasn't called you up and said register to vote and

0:14:47.720 --> 0:14:50.120
<v Speaker 13>get out to vote. It's time to do the work,

0:14:50.440 --> 0:14:52.800
<v Speaker 13>you know, to do something and can I just are

0:14:52.880 --> 0:14:56.840
<v Speaker 13>typically the sort of electrifying, unifying moments, but how well

0:14:56.880 --> 0:15:00.960
<v Speaker 13>Harris holds together this party, including around fault line issues

0:15:01.000 --> 0:15:03.680
<v Speaker 13>that are we're seeing along the sidelines Israel, Gaza, but

0:15:03.800 --> 0:15:07.120
<v Speaker 13>also really begins this final campaign push, you know, after

0:15:07.200 --> 0:15:10.760
<v Speaker 13>Labor Day, more eyes will be tuned in. Harris's fairy

0:15:10.760 --> 0:15:13.000
<v Speaker 13>tale summer may come to an end. Whether it's a

0:15:13.040 --> 0:15:16.360
<v Speaker 13>fairytale fall, we'll find out. But she's going to quickly

0:15:16.400 --> 0:15:19.200
<v Speaker 13>be taking that debate stage against Donald Trump. Voters are

0:15:19.240 --> 0:15:21.840
<v Speaker 13>going to be seeing her side to side, it's going

0:15:21.920 --> 0:15:24.560
<v Speaker 13>to become much more focused in on policy and nuts

0:15:24.640 --> 0:15:28.000
<v Speaker 13>and bolts. Barack Obama tried to sort of head this

0:15:28.120 --> 0:15:30.000
<v Speaker 13>off by saying in his speech, you know, it's not

0:15:30.040 --> 0:15:32.520
<v Speaker 13>really about policy or program, It's really more about what

0:15:32.560 --> 0:15:35.120
<v Speaker 13>we all yearn for this America that is returning to

0:15:35.400 --> 0:15:36.880
<v Speaker 13>America that.

0:15:36.840 --> 0:15:37.640
<v Speaker 2>They knew before.

0:15:38.520 --> 0:15:41.600
<v Speaker 13>But this is the reality of what lies ahead over

0:15:41.600 --> 0:15:42.640
<v Speaker 13>these next eleven weeks.

0:15:42.880 --> 0:15:45.040
<v Speaker 2>About thirty seconds left. What do you expect to hear

0:15:45.040 --> 0:15:48.240
<v Speaker 2>from Tim Waltz as he introduces himself to a national

0:15:48.240 --> 0:15:48.960
<v Speaker 2>audience tonight.

0:15:50.000 --> 0:15:51.960
<v Speaker 13>Yeah, as you say, tonight is about the fight for

0:15:52.000 --> 0:15:54.680
<v Speaker 13>our freedoms as the theme we have Waltz and Bill Clinton,

0:15:55.240 --> 0:15:57.440
<v Speaker 13>we expect to see more of what we've seen from him,

0:15:57.480 --> 0:16:01.000
<v Speaker 13>this sort of coach campaigner, a man, you know, the

0:16:01.320 --> 0:16:03.840
<v Speaker 13>guy next door that everybody's sort of excited about in

0:16:03.880 --> 0:16:06.720
<v Speaker 13>embracing and that comfort zone. And he's going to be

0:16:06.760 --> 0:16:08.400
<v Speaker 13>a key surrogate for Harris.

0:16:08.600 --> 0:16:11.680
<v Speaker 2>This is Bloomberg Daybreak Today, your morning brief on the

0:16:11.720 --> 0:16:15.120
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0:16:15.400 --> 0:16:18.160
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0:16:26.000 --> 0:16:28.600
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0:16:52.880 --> 0:16:56.000
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0:16:56.120 --> 0:16:58.640
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