Speaker 1: Live from the Bloomberg Interactive Broker Studios. This is Bloomberg
Speaker 1: day Break for Thursday, December one, two. Coming up this hour,
Speaker 1: j Powell moves markets as he signals the pace of
Speaker 1: rate hikes will flow. More signs China is softening its
Speaker 1: stands on COVID restrictions. Sam Bak mcfreed speaks out about
Speaker 1: the collapse of FTX, and a standoff between Elon Musk
Speaker 1: and Tim Cook appears to ease New York subway writers
Speaker 1: may see fairs go up next year. Plus a House
Speaker 1: committee now has President Trump's tax returns. I'm Michael war
Speaker 1: More Ahead. I'm John Stafstoward. Sports another home loss for
Speaker 1: the Knicks, beaten by the Bucks, the Nets beat the Wizards,
Speaker 1: the Rangers one in Ottawa. That's all training ahead on
Speaker 1: Bloomberg Daybreak on Bloomberg Even Free on New York, Bloomberg one, Washington,
Speaker 1: d C, Bloomberg one oh six one, Boston, Bloomberg nine
Speaker 1: sixties and Francisco Sirius x M one nineteen and around
Speaker 1: the world on Bloomberg Radio dot Com and via the
Speaker 1: Bloomberg Business app. Good Thursday Morning. I'm Amy Morris. I'm
Speaker 1: Nathan Hagar futures are moving just a little bit lower
Speaker 1: this morning. We're coming up to five oh one on
Speaker 1: Wall Street. We checked the markets every fifteen minutes during
Speaker 1: the trading day. On bloomberg SMP futures are down three points,
Speaker 1: Staff futures down fifty nine. NASTAC futures are lower by
Speaker 1: twenty five points. Attend. Your treasury is down four thirty seconds.
Speaker 1: The yell three point six percent. You'll in the two
Speaker 1: year four point three three percent. NIME excrudes down two
Speaker 1: tenths percent at eighty dollars forty cents a barrel, Amy Nathan.
Speaker 1: We begin with market moving remarks from J. Pale. The
Speaker 1: Fed chair is signaling the Central Bank will back off
Speaker 1: its aggressive pace of interest rate hikes as soon as
Speaker 1: this month. The time for moderating the pace of rate
Speaker 1: increases may come as soon as the December meeting. Given
Speaker 1: our our progress in tightening policy, the timing of that
Speaker 1: moderation is far less significant than the questions of how
Speaker 1: much further we will need to raise grades to control inflation.
Speaker 1: Powell's remarks solidified bets the Fed will downshift to a
Speaker 1: fifty basis point rate hike on December four after delivering
Speaker 1: four straight seventy five basis point moves. Well, the equity
Speaker 1: markets surged on Powell's comments. Amy The S and P
Speaker 1: five hundred rally more than three percent to close at
Speaker 1: a two month high. The NASDAC one hundred jumped four
Speaker 1: point four percent, and with the Dow's seven hundred thirty
Speaker 1: seven point advance, that index is now up twenty percent
Speaker 1: from its September low, meeting the definition now of a
Speaker 1: bull market. Sobadra Rajappa's head of US rates strategy with
Speaker 1: sociate General, I think if you have a picture where
Speaker 1: invitation is starting to moderate, then they might be willing
Speaker 1: to kind of be patient, keep rates steady for the
Speaker 1: domainder of next year, uh and then start to orchestrate
Speaker 1: a soft landing sucken. Sobadra Rajapa expects rates to remain
Speaker 1: elevated not only next year, but also into and Nathan,
Speaker 1: we saw the Wall Street rally spill into markets overseas.
Speaker 1: Stocks in Europe are up about half a percent. Equities
Speaker 1: in Asia advanced overnight at standing games after their best
Speaker 1: monthly rally in twenty four years. Let's get the recap
Speaker 1: from Bloomberg's Juliet Sally in Singapore. Good morning, Juliette, Good
Speaker 1: morning Nathan and Amy. After capping a fifteen percent gain
Speaker 1: in November, the m s CI Asia Pacific Index jumped
Speaker 1: as much as two and a half percent Thursday to
Speaker 1: in August high and is inching closer towards a ball.
Speaker 1: Market gauges in China, Hong Kong, and Taiwan led gains
Speaker 1: after a top Chinese official said efforts to combat the
Speaker 1: virus are entering a new phase, with the omicron variant
Speaker 1: weakening and vaccination rates rising. Meanwhile, Beijing e some restrictions,
Speaker 1: lifting the on and the yen traded at a three
Speaker 1: month high in Singapore. Juliet Sally Bloomberg Daybreak. All right, Juliette, thanks.
Speaker 1: COVID policies remain front and center in China. We're seeing
Speaker 1: more signs Beijing may be willing to soften its stance
Speaker 1: on virus restrictions. Bloomberg Executive editor Paul Dobson has more
Speaker 1: from our Singapore bureau today. We learned that in Beijing
Speaker 1: some people may be allowed to quarantine at home instead
Speaker 1: of going to quarantine camps, which is obviously good news
Speaker 1: because people would much rather be in the comfort of
Speaker 1: their own homes, given the choice a lot of the time,
Speaker 1: um and and it might give them a little bit
Speaker 1: more confidence to go out and about when when COVID
Speaker 1: isn't around incremensity, that's good news. But directionally, that's very
Speaker 1: good news because you know, the market is waiting for
Speaker 1: China to take these decisive steps, you know, the vaccinations
Speaker 1: that are needed for the elderly, the increase in hospital
Speaker 1: beds to be able to start that process of opening up,
Speaker 1: which the rest of the world has already, you know,
Speaker 1: way ahead of Bloomberg's. Paul dobbs And says it's been
Speaker 1: three years since the world's first documented coronavirus patient emerged
Speaker 1: in China. Back here in the US, we are hearing
Speaker 1: public comments from Sam Bankman Freed for the first time,
Speaker 1: the disgraced founder and CEO of the bankrupt ft X
Speaker 1: crypto Empire is denying fraud while admitting to grievous errors
Speaker 1: in management. Whatever happened, why ever it happened, I had
Speaker 1: a duty add a duty to all of our stakeholders,
Speaker 1: to our customers, our creditor, is a head duty for
Speaker 1: our employees, to our investors, and to the regulators of
Speaker 1: the world to do right by them, to make sure
Speaker 1: the rate things happened at the company, and uh clear
Speaker 1: the I'd do a good job of that. I was
Speaker 1: shocked by what happened this month, Sam Bankman. Freed made
Speaker 1: the comments by video link at the New York Times
Speaker 1: Deal Book Summit. There are still unanswered questions about how
Speaker 1: fd X ended up with an eight billion dollar hole
Speaker 1: in its balance sheet and whether it mishandled customer funds. Well. Meantime,
Speaker 1: Amy is standoff between two of the most powerful tech
Speaker 1: leaders in the world appears to be easing. Let's get
Speaker 1: the details Live with Bloomberg, Steve Rappaport, Good Morning Steve,
Speaker 1: Good Morning, Nathan, and Amy. Elon Muski is burying the
Speaker 1: hatchet with Apple's CEO Tim Cook, saying the tiff between
Speaker 1: the tech giants was a misunderstanding that has been resolved.
Speaker 1: The Twitter boss claimed without explanation that Apple threatened to
Speaker 1: block the platform from its app store, but yesterday Musk
Speaker 1: confirmed he spoke with Cook and says Cook assured him
Speaker 1: Apple never even considered doing so. A number of businesses
Speaker 1: paused advertising on Twitter because of concerns about Musk's approach
Speaker 1: to moderating content Live in New York. I'm Steve Rappaport,
Speaker 1: Bloomberg Daybreak. All right, thank you, Steve, and let's get
Speaker 1: the latest now on efforts to avert a crippling freight
Speaker 1: rail strike, the House has passed legislation to block the strike,
Speaker 1: sending it to the Senate, which could take action as
Speaker 1: soon as this week. The House also passed a related
Speaker 1: bill that would add seven days have paid sickly to
Speaker 1: the rail contract. Bloomberg's Joe Matthew spoke about that with
Speaker 1: Art Wheaton, director of Labor Studies at Cornell University's School
Speaker 1: of Industrial and Labor Relations. I agree that the workers
Speaker 1: deserve the seven days off, but they need to get
Speaker 1: enough votes in the Senate for it to pass, otherwise
Speaker 1: we have a strike. I would guess they're not going
Speaker 1: to add the seven days in the Senate. Art Wheaton
Speaker 1: is director of Labor Studies at Cornell University and was
Speaker 1: a guest on sound on Heard weekdays at five pm
Speaker 1: Wall Street Time here on Bloomberg Radio. Finally, Amy as
Speaker 1: inflation pressures remain high, and new survey says New York
Speaker 1: and Singapore are the most expensive cities to live in.
Speaker 1: The report comes from the Economist Intelligence Unit. Tel Aviv,
Speaker 1: Hong Kong, and Los Angeles round out the top five.
Speaker 1: The survey says the cost of living in the world's
Speaker 1: largest cities rows more than eight percent over the past year.
Speaker 1: Yesterday's Big Games futures are moving just a little lower.
Speaker 1: S ANDP futures now down three points, Stown futures down
Speaker 1: fifty four and NASTAC futures are lower by twenty two points.
Speaker 1: Straight ahead your latest local headlines and a check of sports.
Speaker 1: This is Bloomberg. Thank you, Nathan. Five oh seven on
Speaker 1: Wall Street. Let's bring in Michael Barr with more on
Speaker 1: what else is going on in New York and around
Speaker 1: the world. Good morning Michael, Good morning Amy. New York's
Speaker 1: mt am A boost fares on Sunways, buses, and commuter
Speaker 1: rail lines by five point five percent next year. It
Speaker 1: is the first time the transit provider has implemented such
Speaker 1: a high sense. The MTA faces a potential three billion
Speaker 1: dollar budget deficit as weekday ridership has plateaued to about
Speaker 1: sixty of pre pandemic levels. The m t A tends
Speaker 1: to increase fares by four percent every two years, but
Speaker 1: of a de Kathy HOCl postponed those hikes during the pandemic.
Speaker 1: The House Ways and Means Committee will get to look
Speaker 1: through Donald Trump's tax returns, Bloomberg said Baxter as the
Speaker 1: story the I R s as it has complied with
Speaker 1: the Supreme Court and making the returns available, did not
Speaker 1: confirm whether members of the panel have accessed them. The
Speaker 1: committee reportedly will meet today to decide what to do
Speaker 1: with the returns. This has been a long journey as
Speaker 1: a committee has been seeking the documents since Trump had
Speaker 1: repeatedly said during the campaign that he would make the
Speaker 1: returns public, but then fought all the way to the
Speaker 1: Supreme Court. The committee has argued it needs to see
Speaker 1: the returns to draft legislation on presidential compliance with tax law.
Speaker 1: In San Francisco, I'm at Baxter Bloomberg day Break. The
Speaker 1: US Appeals Court rejects the Biden administration's requests to reinstate
Speaker 1: the student debt relief plan. President Biden announced in August
Speaker 1: that the government would forgive up to ten thousand dollars
Speaker 1: in student loan debt for borrowers making less than one
Speaker 1: twenty five thousand dollars a year. About twenty six million
Speaker 1: Americans have applied for student loan forgiveness. Loyola Law University
Speaker 1: professor Lorie Levinson. These loans are supposed to be repaid
Speaker 1: starting in January, and unless a court uphold surviving the plan,
Speaker 1: then these people who thought they would have the loans
Speaker 1: forgiven will have to start paying. Loyola Law University professor
Speaker 1: Lourie Levinson says the next stop is likely the Supreme Court.
Speaker 1: The New York Grid Operator warned that electricity supplies will
Speaker 1: be tied as early as twenty three as demand grows
Speaker 1: and old generators shut down, increasing the risk of blackouts.
Speaker 1: The New York Independent System Operators says the availability of
Speaker 1: power supplies will thin over the next decade as more
Speaker 1: power plants fueled by natural gas shut down and demand
Speaker 1: grows for electric vehicles and home heating. Global News twenty
Speaker 1: four hours a day on air and on Bloomberg Quick Take,
Speaker 1: powered by more than twenty seven hundred journalists and unless
Speaker 1: more than twenty countries. I'm Michael bar This is Bloomberg Guinea.
Speaker 1: All right, thank you, Michael, Now for the sports report,
Speaker 1: brought to you by Try State OUTI here's John's dash
Speaker 1: our thanks to Amy. The Knicks won their first three
Speaker 1: home games this season. Since then at the Garden, they've
Speaker 1: gone one and six, beaten by the Bucks one thirteen,
Speaker 1: one oh seven too much. Jana's son to the compo
Speaker 1: thirty seven points are j Barrett leather Nicks with twenty six.
Speaker 1: Julius Randall said only eight of twenty four. Jalen Brunson
Speaker 1: was eight of twenty two. Together they were one of
Speaker 1: twelve on three pointers. Then AT's in Brooklyn by Washington
Speaker 1: one thirteen, one oh seven. That's three straight wins to
Speaker 1: move over five hundred. Kevin Durant having a sensational season,
Speaker 1: averaging thirty per game, shooting fifty five percent. He scored
Speaker 1: thirty nine. Kybrier of the United Seven Rangers in Ottawa
Speaker 1: had the league looking for more. The Rangers control of
Speaker 1: the draw, send it back up with Savannah Jat up
Speaker 1: the middle, leaves it back into the far wing for
Speaker 1: VC spins to his forehand and backhand to behind. Then
Speaker 1: at the Savannah Jat. Savannah Jat slings into the air
Speaker 1: point and Lingray with the shot and they store Rider
Speaker 1: was in front. I think he deflected it. At the Rangers.
Speaker 1: They ESPN New York call it it was pridor Is
Speaker 1: eleven goal at fifty two. Last year, Rangers beat the
Speaker 1: Senators three to one. College James Rutgers lost at in
Speaker 1: Miami sixty one on the Big ten A c C Challenge.
Speaker 1: The two conferences split six games Tuesday and split six
Speaker 1: more last night. Australia, Argentina, Poland all learned their way
Speaker 1: into the World Cup knockout round. France had already cleanched
Speaker 1: four more spots up for grabs today in Qatar. The
Speaker 1: Giants love a visitor at their facility today. Odell Beckham Jr.
Speaker 1: The ex Giant, has not played this season, but now
Speaker 1: said to have recovered from the torn A c L
Speaker 1: suffer in the Super Bowl while he was with the Rams.
Speaker 1: The Cowboys also very much interested in signing oh b J.
Speaker 1: The game tonight Buffalo at New England. John Stash Howard
Speaker 1: Bloomberg Sports team, All right, thank you, John, checking features
Speaker 1: now s and P futures down four, Dell futures down
Speaker 1: fifty eight points, NAZDAC futures down. Ten year treasury down
Speaker 1: to thirty seconds, the yield at three point six p.
Speaker 1: Much more still to come on this Thursday MO edition
Speaker 1: of Bloomberg daybreak is Bloomberg. The Bloomberg Sports Report was
Speaker 1: brought to you by Audie. Don't let someone else drive
Speaker 1: off in the Autie model you've always wanted. Visit your
Speaker 1: local twice state Autie either to get behind the wheel
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Speaker 1: more information, markets, headlines and breaking news twenty four hours
Speaker 1: a day at Bloomberg dot Com, the Bloomberg Business Out,
Speaker 1: and at Bloomberg Quick Tape, He's a Bloomberg Business Flash,
Speaker 1: Nathan Hagar. Global stocks are climbing, the dollar is slipping
Speaker 1: to a three month low. Is fresh signs emerge of
Speaker 1: a softening in China's COVID stance and fed share. J.
Speaker 1: Powell confirms the pace of interest rate hikes maybe set
Speaker 1: to slow. We checked the markets every fifteen minutes during
Speaker 1: the trading day on Bloomberg. Right now, A futures in
Speaker 1: the US are moving lower, SMP futures are down two point,
Speaker 1: STAFF futures down, and SECT futures are down nineteen point.
Speaker 1: The decks in Germany is higher, though by four tenths percent.
Speaker 1: CAC in Paris little change now to the upside ten
Speaker 1: Your treasuries down three thirty seconds deal three point six
Speaker 1: held on the two year four point three three percent
Speaker 1: nime ex screws up a quarter percent of twenty cents
Speaker 1: at eighty dollar seventy five cents a barrel. Comics gold
Speaker 1: moving higher up one point ninety seventy cents sixty gets
Speaker 1: you announce of gold. The euro one point zero four
Speaker 1: four seven against the dollar British pound one point two
Speaker 1: one four six. The en is at one thirty six
Speaker 1: point three four thirty Wall Street Time, we get initial
Speaker 1: jobless claims and the PCE Corps deflator at ten am
Speaker 1: I s M manufacturing data. That's a Bloomberg business flash.
Speaker 1: Now here's Michael Barr with more on what's going on
Speaker 1: around the world. Michael, thank you very much. Nathan. A
Speaker 1: House committee can now get a look at six years
Speaker 1: of Donald Trump's tax returns. It comes a week after
Speaker 1: the Supreme Court cleared the way for their release. More
Speaker 1: Chinese cities are easing samanti virus restrictions as police patrol
Speaker 1: their streets to head all protests. Last weekend, bro to
Speaker 1: masters in Shanghai, Beijing and other cities demanded an end
Speaker 1: to controls that can find millions of people to their homes.
Speaker 1: In the NBA, the next loss, the Nets beat the
Speaker 1: Wizards one thirteen one oh seven the Celtics one. In
Speaker 1: the NHL, the Rangers won at the World Cup four
Speaker 1: games today, including Germany against Costa Rica. Global News twenty
Speaker 1: four hours a day on air and on Bloomberg Quicktake,
Speaker 1: powered by more than twenty seven hundred journalists and analysts
Speaker 1: more than a hundred twenty countries. I'm Michael bar This
Speaker 1: is Bloomberg Gaming. All right, Thank you, Michael. It's five
Speaker 1: nineteen on Wall Street Live from the Bloomberg Interactive Broker Studios.
Speaker 1: This is Bloomberg Daybreak. We're joined now by Chief Market
Speaker 1: analyst Michael Houston at CMC Markets. Michael, good morning to you.
Speaker 1: We're talking about FED chair Pale. He signaled a great
Speaker 1: height slowdown yesterday during his speech. What does that mean
Speaker 1: for equity markets? Well, yeah, good morning. I mean, I
Speaker 1: think we saw the consequences of that statement yesterday in
Speaker 1: the context of a slide in ten year yields as
Speaker 1: well as two yields, but also a spike higher in
Speaker 1: equity markets. And I think it's really confirmation of what
Speaker 1: the market was already thinking that the federal Reserve was
Speaker 1: likely to hike by fifty basis points in December. That's
Speaker 1: pretty much priced in. But I think what's notable now
Speaker 1: it's not really about what comes in December, it's what
Speaker 1: comes after that. And I think some of the data
Speaker 1: that we saw yesterday would bear to suggest that the
Speaker 1: Federal Reserve is probably going to start getting a little
Speaker 1: bit concerned about pushing too hard on raising rates much
Speaker 1: more aggressively than they have been. So for me, it's
Speaker 1: not about what comes in December. Fifty basis points is
Speaker 1: pretty much nailed on. It's what comes after that, And
Speaker 1: I think that, more than anything, is likely to be
Speaker 1: the key focus for the FED meeting in just under
Speaker 1: two weeks time what comes in next year with respect
Speaker 1: to future rate hikes. The past couple of months have
Speaker 1: seen a rally. Do you see this as a bear
Speaker 1: market rally? Yeah, I'm on the fence on that at
Speaker 1: the moment. I think largely because of the fact that
Speaker 1: we're heading into the December period, which generally tends to
Speaker 1: be a fairly low liquidity time of year. You've either
Speaker 1: major money for the year or you've lost your money
Speaker 1: for the year, and you don't want to lose anymore.
Speaker 1: So it's going to take something really substantive, I think,
Speaker 1: to really drive stock markets lower from where they are
Speaker 1: at the moment. I think for now the markets are
Speaker 1: in the holding pattern ahead of these central bank meetings
Speaker 1: in two weeks time. Not only have we got the
Speaker 1: Federal Reserve, we've got the European Central Bank, We've got
Speaker 1: the Bank of England. And the prevailing narrative at the
Speaker 1: moment is that inflation has potentially paid and the bigger
Speaker 1: question now is how quickly does it come down? And
Speaker 1: how long do rates stay at their current levels or
Speaker 1: go higher? So what are you watching or as the
Speaker 1: perspective that I love it when you anticipate my next question,
Speaker 1: whether inflation is peaked and the sort of timeline that
Speaker 1: we're looking at there, I think inflation has peaked. I
Speaker 1: think the bigger question that markets are asking now is
Speaker 1: how quickly does it come down? And for me, I
Speaker 1: think we're near the top of the rate hiking cycle.
Speaker 1: I think the Federals struggle to raise rates by more
Speaker 1: than another fifty basis points over and above what they're
Speaker 1: going to do in December, given the weakness that we're seeing,
Speaker 1: not only in the US economy in terms of the
Speaker 1: manufacturing data, but more broadly in Europe as well. So
Speaker 1: going ahead, I think we'll know more next year, and
Speaker 1: I think we could see some early equity market weakness
Speaker 1: in January February next year. Between now and Christmas, I
Speaker 1: think there's potential for us to move a little bit
Speaker 1: higher before we have another test of the downside. Stick
Speaker 1: down a little bit on that. Where do you see
Speaker 1: those weak spots in the U S data? Well, manufacturing yesterday,
Speaker 1: I mean that's Chicago p and my number was pretty poor.
Speaker 1: I'll be interested to see whether or not the I
Speaker 1: S M manufacturing numbers later today bear that out, particularly
Speaker 1: on the prices paid component, which has had its lowest
Speaker 1: levels since mid So that's where I will be paying
Speaker 1: particular attention to services is holding up fairly well. We
Speaker 1: saw that in the ADP numbers on Wednesday. It will
Speaker 1: be interesting to see whether we're non farm payrolls also
Speaker 1: replicate that trend when they're released on Friday. It's shifting
Speaker 1: gears just a little bit. We only have about a
Speaker 1: minute here, But how is China a factor in all
Speaker 1: of this? It's a factor in so much that if
Speaker 1: they're fully locked down, they're obviously not adding to the
Speaker 1: overall economic output of the global economy. If they're slowly
Speaker 1: starting to move to a gradual reopening, what that does
Speaker 1: is it makes it much less likely that the global
Speaker 1: economy will fall off the cliff in three So a
Speaker 1: gradual reopening is probably the best outlook going forward. If
Speaker 1: they open very very quickly, there is a risk that
Speaker 1: could cause an inflationary spike when it comes to energy prices.
Speaker 1: We don't want that, so gradually opening on the back
Speaker 1: of slowly easing COVID restrictions is probably the best case
Speaker 1: scenario for China. All right, Thank you so much, Michael
Speaker 1: for taking time with us on this Thursday morning, especially
Speaker 1: the day after FED chair Pal made those comments yesterday
Speaker 1: at the Brookings Institution. We appreciate you taking the time
Speaker 1: with us. Chief Market analyst Michael Houston at CMC Markets
Speaker 1: checking the markets, SMP futures down two points, DAL futures
Speaker 1: down fifty one, NASTAC futures down twenty one points, the
Speaker 1: ten year treasury down to thirty seconds, the yield at
Speaker 1: three point two, year yield now at four point three two,
Speaker 1: and Brent crude now trading six tenths of a percent higher.
Speaker 1: That's fifty six cents at eighty seven dollars at fifty
Speaker 1: three cents per barrel. Much more to come on Bloomberg Daybreak.
Speaker 1: This is Bloomberg the Bloomberg eleven three oh forecast. Sunny
Speaker 1: and breezy, going up to forty five degrees with more
Speaker 1: sun Tomorrow a little mile they're going up to fifty showers.
Speaker 1: Return for your weekend on Saturday, going up to sixty degrees.
Speaker 1: Broadcasting live from the Bloomberg Interactive Brokers Studio in New York,
Speaker 1: Bloomberg E living three to Washington, d C, Bloomberg one
Speaker 1: to Boston, Bloomberg one O six one to San Francisco,
Speaker 1: Bloomberg nine sixty to the country, Sirius XM Cho one
Speaker 1: nine and around the globe the Bloomberg Business app in
Speaker 1: Bloomberg Radio dot Com. This is Bloomberg Daybreak. It's five
Speaker 1: thirty on Wall Street. Good morning now, Nathan Hager, him
Speaker 1: Amy Morris. Bloomberg Daybreak is brought to you by s
Speaker 1: E I. Built on advanced technologies and fifty years of innovation,
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Speaker 1: Go to se i C dot com slash managers more.
Speaker 1: About four hours away from the open of US trading,
Speaker 1: Let's get you up to date on the news you
Speaker 1: need to know at this hour. Starting with the FED
Speaker 1: chair J. Powell is signaling the Central Bank will ease
Speaker 1: it's aggressive pace of raising interest rates as soon as
Speaker 1: this month. The time for moderating the pace of rate
Speaker 1: increases may come as soon as the December meeting. Given
Speaker 1: our our progress in tightening policy, the timing of that
Speaker 1: moderation is far less significant than J. Pal's remarks indicate
Speaker 1: the Fed it's likely to shift to a fifty basis
Speaker 1: point hike at its next decision. Equity markets advanced sharply
Speaker 1: on Pal's comments. David Cutlof, founder of main Stake Capital Management,
Speaker 1: says the more dovish tone was appropriate for current economic conditions.
Speaker 1: I think it's a recognition too of looking at the
Speaker 1: data p M E s or in contraction territory pending
Speaker 1: home sales down thirty year over year, and we haven't
Speaker 1: felt the full impact of these rate hikes we've had.
Speaker 1: David Goodlave with main Steak Capital Management believes Powell's comments
Speaker 1: also indicate he's mindful of the Fed going too far
Speaker 1: with rate hikes. Well, the SP five hundred close three
Speaker 1: percent higher after Powell's remarks, Amy and the rally extended.
Speaker 1: Overseas stocks in Europe and Asia advanced. In China, there's
Speaker 1: also optimism on COVID with authorities they're downplaying the severity
Speaker 1: of the virus. China's COVID zar now says the country's
Speaker 1: in a new phase of the pandemic. Back in the US,
Speaker 1: Nathan disgraced ft X founder Sam Bankman Freed spoke publicly
Speaker 1: yesterday denying fraud while admitting to management errors. At a
Speaker 1: duty to all of our stakeholders, to our customers, our futor,
Speaker 1: is a high duty to our employees, to our investors,
Speaker 1: to the regulators in the world to do right by them,
Speaker 1: to make sure the rate things happened to the company,
Speaker 1: and I do a good job of that. Sam Bankman
Speaker 1: Freed spoke at the New York Times deal Books Senate.
Speaker 1: It's a big technolo Amy, where a standoff between two
Speaker 1: powerful CEOs appears to be easy. Bloomberg Steve Rappaport joins
Speaker 1: US Live with the story. Good morning Steve, Good morning,
Speaker 1: Nathan and Amy it was all a misunderstanding. That's how
Speaker 1: Elon Musk described his with Apple CEO Tim Cook. The
Speaker 1: Twitter chief accused the platform of threatening to boot Apple
Speaker 1: up Twitter from its app store, But on Wednesday, Musk
Speaker 1: said the tech bosses spoke and the matter has been resolved,
Speaker 1: with Cook reassuring him that Apple never intended to cut
Speaker 1: ties with Twitter. Live in New York, I'm Steve Rappaport
Speaker 1: Bloomberg Day Break. All right, Steve, thank you. In a
Speaker 1: political note this morning, the House has passed legislation to
Speaker 1: block a freight rail strike. The bill now goes to
Speaker 1: the Senate, which could take action as soon as this week.
Speaker 1: Futures are moving a little lower this morning. Straight ahead,
Speaker 1: your latest local headlines, and a check of sports. This
Speaker 1: is Bloomberg. Thank you, Nathan. It's five thirty three on
Speaker 1: Wall Street. Let's bring in Michael Barr with more on
Speaker 1: what else is going on in New York and around
Speaker 1: the world. Good morning, Michael, Good morning, Amy. Fairs me
Speaker 1: rise next year for New York mt A riders. Fairs
Speaker 1: on subways, busses, and commuter rail lines could go up
Speaker 1: by five point five percent next year. The potential increase
Speaker 1: would push the two so many five costs of a
Speaker 1: single subway or bus ride to tow ninety next year,
Speaker 1: and three dollars five cents in. It comes as the
Speaker 1: agency is seeking additional federal, state, or city funding to
Speaker 1: help fill budget deficits. The Biden administration student loan forgiveness
Speaker 1: plan remains on hold. The Fifth U s Circuit Court
Speaker 1: of Appeals denied a request from the federal government to
Speaker 1: temporarily reverse a lower court order that blocked rolled out
Speaker 1: of the plan. Loyola Law University professor Lorie Levinson says
Speaker 1: the next stop is likely the Supreme Court. The Fifth
Speaker 1: Circuit delta blow President Biden's plan to have a loan
Speaker 1: forgiveness program for student loans, but the courts have been
Speaker 1: saying that in fact, Biden did not have the power
Speaker 1: to move forward on this. Loyola Law University professor Lorie Levinson.
Speaker 1: The Treasury Department turned over six years of Donald Trump's
Speaker 1: tax returns to a House committee after the Supreme Court
Speaker 1: cleared the way for the release. The ways and means
Speaker 1: can He has been seeking the return saying it needs
Speaker 1: them to consider potential legislation on presidential compliance with tax rules.
Speaker 1: Public accountability and mandatory I R. S. Audit policy for presidents.
Speaker 1: The Rockefeller Center Christmas Tree was officially lit up last
Speaker 1: night in New York City. Fifty thousand led lights are
Speaker 1: on the eight two foot tall Norway Spruce in Midtown Manhattan.
Speaker 1: Christine McVeigh has done McVeigh sang lead on many of
Speaker 1: Fleetwood Mac's biggest hits, like Little Lies. McVie wrote many
Speaker 1: of the group's songs. Christine McVeigh was seventy nine Global
Speaker 1: News twenty four hours a day on air and on
Speaker 1: Bloomberg Quicktake, powered by more than twenty seven hundred journalists
Speaker 1: analysts more than a hundred twenty countries. Michael Barr and
Speaker 1: this is Bloomberg Gaming. All right, thank you, Michael. Now
Speaker 1: for the sports were far brought to you by Try
Speaker 1: State Outie. Here's John dash Our alright. Amy Nicks continued
Speaker 1: have their struggles at home, just one win at the
Speaker 1: Garden in the past month, beaten by Milwaukee one oh
Speaker 1: nine one oh three. Nason to the compold the Bucks
Speaker 1: with thirty seven points. Kevin Durant led the Nets with
Speaker 1: thirty nine. They beat Washington at Barkley's one thirteen one
Speaker 1: oh seven. The Nets with three straight wins move over
Speaker 1: five hundred. The Rangers had lost their last three, but
Speaker 1: in Ottawa a goal each period, all three assisted by
Speaker 1: Ryan Lyndren. Rangers beat the Senators three to one with
Speaker 1: backup yars level Lock in goal, his first win as
Speaker 1: a Ranger. A long time Pittsburgh Penguins all started. Defenceman
Speaker 1: Chris Latang just suffered a stroke for the second time.
Speaker 1: Also happened back in two thousand and fourteen when he
Speaker 1: missed two months from the tank. Is expecting to return
Speaker 1: at some point. The NFL game tonight Buffalo at New England.
Speaker 1: It's a game the Jets will have an interest in.
Speaker 1: The a f C East has the Bills and Dolphins
Speaker 1: at top at eight and three. Of The Jets are
Speaker 1: seven and four, the Patriots to six and five the
Speaker 1: Jets on Sunday is that the nine and two Vikings.
Speaker 1: Jets coach Rob Southard, there's a reason why they're that
Speaker 1: they have. They've being everybody in under vision. UM, they'd
Speaker 1: be Miami, they'd be Buffalo, they'd be New England. They're
Speaker 1: they're very talented. UM offensively, they've got skill players, are
Speaker 1: very well coached. UM Defensively, They're very veteran, very smart.
Speaker 1: They play smart sala football. So um, it's challenge cannage
Speaker 1: for the Giant. Sunday, Washington comes in everyone six of
Speaker 1: the last seven Giants has lost twice in a six
Speaker 1: days fan ESPN reports the Yankees offered to Aaron Judge
Speaker 1: is eight years, three million dollars, about sixty five million
Speaker 1: more than what they offered to Judge last spring. It's
Speaker 1: believe Judge will either stay in New York or signed
Speaker 1: with San Francisco. John Stashar Bloomberg Sporting Team. All right,
Speaker 1: thank you, John. It's five seven on Wall Street time
Speaker 1: now for the Tri State Business Report. Here with that
Speaker 1: is Bloomberg's Joan Donnager. New York and Singapore are tight
Speaker 1: now for the top spot on a list of the
Speaker 1: world's most expensive cities. The Economist Intelligence Units Worldwide Cost
Speaker 1: of Living Report says it got more than eight percent more.
Speaker 1: It's beensive in the past year, in part because of
Speaker 1: the supply chain snarls and Russia's war in Ukraine. The
Speaker 1: National Labor Relations Board says the way Amazon responded to
Speaker 1: a federal judges order made a mockery of it. The
Speaker 1: judge had barred Amazon from firing workers at JFK eight,
Speaker 1: the Staten Island fulfillment center that first unionized for union activity.
Speaker 1: The judge ordered Amazon to read out a public notice
Speaker 1: about that within a week. The labor board isn't happy
Speaker 1: with how it did that, and the owner of a
Speaker 1: New Jersey shopping mall could face foreclosure. It has not
Speaker 1: landed new financing for a three hundred million dollar mortgage
Speaker 1: that came to this month. Bridgewater Commons in Somerset Counties,
Speaker 1: owned by a joint venture of the New York State
Speaker 1: Teachers Retirement System and JP Morgan Chase's asset management arm.
Speaker 1: That's the Bloomberg Try State Business Report on Joan Donneger.
Speaker 1: All right, thank you, John Now on Wall Street. Bloomberg
Speaker 1: Radio is on the air from San Francisco to New York,
Speaker 1: London to Hong Kong. Let's check in with our local
Speaker 1: global news team for some of the top stories heard
Speaker 1: on our three hundred affiliate radio stations around the world.
Speaker 1: I'm Steve Potusc on w u f L A, Tampa Bay.
Speaker 1: We're talking about how some of the fastest growing apartment
Speaker 1: rents just about anywhere may have finally plateaued in the region.
Speaker 1: I'm Corney Donahoe on k l D in Dallas. Southwest
Speaker 1: Airlines WiFi upgrades have been slowed by supply chains delays.
Speaker 1: I'm Gina Servetti and for w c c O in Minneapolis,
Speaker 1: I'm talking about some encouraging news for apartment renters, with
Speaker 1: rents down one point six percent in November from the
Speaker 1: month before. I'm Jeff Melinger and on w l W
Speaker 1: and Cincinnati. How have Cincinnati based Kroger's quarterly results soon
Speaker 1: after they're released? This morning, I'm Joan Donnager telling w
Speaker 1: w J listeners in Detroit about how a faulty battery
Speaker 1: under recall in a Ford expedition may have started the
Speaker 1: fire amongst secret Service rental cars. Those are some of
Speaker 1: the stories our Tyred Bloomberg journalists and analysts are working
Speaker 1: on this morning around the world. It's five thirty nine
Speaker 1: on Wall Street. The following is an editorial from Bloomberg Opinion.
Speaker 1: The senatorial was written by the Bloomberg Editorial Board. By
Speaker 1: the very nature of their jobs, members of Congress have
Speaker 1: no business trading stocks. They may have access to privileged information,
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Speaker 1: A majority of voters from both parties support banning congressional
Speaker 1: stock trading by pars, and bills for doing so have
Speaker 1: been circulating for months now. With just weeks left in
Speaker 1: the current session, members of Congress should take action. At
Speaker 1: the very least, a requirement to put any investment assets
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Speaker 1: in office should be a no brainer. This editorial was
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Speaker 1: more at OPI I n go. SMP futures at down
Speaker 1: one point, DAL futures down forty three, NASDA futures down
Speaker 1: twenty one, much more still to come. On this Thursday morning,
Speaker 1: you're listening to Bloomberg Daybreak on Bloomberg. The Bloomberg Sports
Speaker 1: Report was brought to you by Audie. Don't let someone
Speaker 1: else drive off in the outie model you've always wanted.
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Speaker 1: com for more information, markets, headlines and breaking news twenty
Speaker 1: four hours a day at Bloomberg dot com, the Bloomberg
Speaker 1: Business apt and at Bloomberg. Quick Take Us is a
Speaker 1: Bloomberg Business Flash. I'm Nathan Hagar. Futures are giving back
Speaker 1: some of yesterday's surge following signs emerging of a softing
Speaker 1: in China's COVID stance and remarks from FED chair J.
Speaker 1: Pale confirming the pace of interest rate hikes is set
Speaker 1: to slow. We checked the markets every fifteen minutes during
Speaker 1: the trading day on Bloomberg. SMP futures right now are
Speaker 1: down two points, staff features down fifty nanstack futures are
Speaker 1: lower by twenty five points ten. Your treasury is down
Speaker 1: to thirty seconds held three point six one percent yield
Speaker 1: on the two year four point three two percent. NIMEX
Speaker 1: screwed is up six tenths per cent, or forty nine
Speaker 1: cents at eighty one dollars four cents of arrol comes.
Speaker 1: Gold is up one point eight percent of thirty one
Speaker 1: ten even and ounce. The euro one point zero four
Speaker 1: to eight against the dollar, British pound one point two
Speaker 1: one four six, the En one thirty six point four six.
Speaker 1: Bitcoin is little changed at seventeen thousand, one hundred. That's
Speaker 1: a Bloomberg business flash. Now here's Michael Bahar with more
Speaker 1: on what's going on around the world. Michael, thank you
Speaker 1: very much. Nathan. The House voted to block a strong
Speaker 1: by the nation's railway workers, and a separate vote also
Speaker 1: adding seven days of paid sick leave to the agreement.
Speaker 1: Both bills now head to the Senate in the hopes
Speaker 1: of averting the strength that could cripple the economy. President
Speaker 1: Joe Biden is set to welcome French President Emmanuel mccrawl
Speaker 1: to the White House today. The visit will conclude with
Speaker 1: the first state dinner of the Biden administration. In the NBA,
Speaker 1: the next loss the Nets beat the Wizards, the Celtics
Speaker 1: one in the NHL, the Rangers one. At the World Cup,
Speaker 1: four games today, including Germany against Costa Rica. Global News
Speaker 1: twenty four hours a day on air and on Bloomberg Quicktake,
Speaker 1: powered by more than twenty seven hundred journalist and analysts
Speaker 1: more than a hundred twenty countries. Michael Barr and this
Speaker 1: is Bloomberg Gaming all right, Thank you, Michael. It is
Speaker 1: forty nine on Wall Street Live from the Bloomberg Interactive
Speaker 1: Broker Studios. This is Bloomberg Daybreak. Fed Jr. J Pal
Speaker 1: signaled the Federal Reserve will slow the pace of interest
Speaker 1: rate increases next month, while stressing borrowing costs will need
Speaker 1: to keep rising and remain restrictive for some time to
Speaker 1: beat inflation. We're joined now by Jennifer Lee, senior economist
Speaker 1: at BEMO Capital Markets. Jennifer, thank you for taking the
Speaker 1: time with us this morning, and good morning to you.
Speaker 1: What's your takeaway from pale speech? Oh, good morning, thank
Speaker 1: you for having me on so Um. First of all,
Speaker 1: I would like to say holy market reaction yesterday. It
Speaker 1: was quite amazing seeing the market react to his comments.
Speaker 1: But um, it was a lot of a little bit
Speaker 1: of old, a little bit of new, And I think
Speaker 1: what was new was almost like it was almost like
Speaker 1: forward guidance, just saying that it would come as soon
Speaker 1: as the December meeting, this this moderation rate increases, and
Speaker 1: that sort of confirmed to us what we've been thinking.
Speaker 1: We've been calling for fifty beats. Um, you know, finally
Speaker 1: an end to the semi five basis point increases. So
Speaker 1: this was pretty much you know, cemented that view. And uh,
Speaker 1: I don't think he could get to be clearer than that.
Speaker 1: You mentioned the market reaction. I want to get your
Speaker 1: take on that. So it was I mean, watching you know,
Speaker 1: tenure yield faults so quickly, and of course saw a
Speaker 1: start market reaction. But this is you know, obviously encouraging news.
Speaker 1: The fact that you know, the all that frontloading, the
Speaker 1: four semi five basis point rate hikes in a rope um,
Speaker 1: it's only going to cool off, I mean, but give
Speaker 1: At the same time, we have to remember this doesn't
Speaker 1: mean that they all rates are going to be coming
Speaker 1: down anytime soon. They're just not gonna be rising at
Speaker 1: such a quick pace. And I think, you know, any
Speaker 1: good news these days will be will be taken and
Speaker 1: seized by by by the markets. And we saw it
Speaker 1: on yesterday and playing on space. Were you surprised? Was
Speaker 1: he more dovish than you expected? Um? Not really Um,
Speaker 1: you know, I mean, I guess the one, if you
Speaker 1: want to call it devilish comments would be um. And
Speaker 1: this was to me a little bit of me with
Speaker 1: a bit of relief, was when he said that it
Speaker 1: wouldn't be appropriate to what did he say, crash the
Speaker 1: economy and clean up afterwards. And this comes after you
Speaker 1: know a number of occasions when he use the word
Speaker 1: of pain to describe what the economy is going to
Speaker 1: be feeling, and you know, and and it gave me,
Speaker 1: at least me the view that he will be okay
Speaker 1: with sending the economy into recession. But having you know,
Speaker 1: hearing him say that, you know, he wouldn't be um
Speaker 1: keen on crashing the economy. Maybe that's an extreme measure
Speaker 1: that he was using. Was to me a little bit
Speaker 1: since of relief and that was what was new, Um.
Speaker 1: But everything else, you know, he was still saying that
Speaker 1: they will need substantially more evidence about inflation. You know,
Speaker 1: you can't just use October's CPR report as as the
Speaker 1: be all and end all. He's gonna need a lot
Speaker 1: more to give confirmation that inflation is declining and that
Speaker 1: you know that rates are going to be staying high
Speaker 1: for some time and uh um, and you know there
Speaker 1: there's going to be a lot of uncertainty still for
Speaker 1: inflation ahead. So it's still hawkish, but not as hawkish
Speaker 1: as he was. Was good about a minute and a
Speaker 1: half here, Jennifer. We have more data coming out the
Speaker 1: jobs report tomorrow, CPI on the thirteenth. How crucial are
Speaker 1: those reports for the fact? I think they are crucial. Um.
Speaker 1: I don't think they're going to change the December view now,
Speaker 1: you know the man's through view. Now that is going
Speaker 1: to be a fifty basis point rain hike. Um. You know, unless,
Speaker 1: of course, there's some massive increase in CPI, which we're
Speaker 1: we're not, I don't think we're expecting. So you know,
Speaker 1: what we want to see is continued moderation in in
Speaker 1: in the numbers. And this is the era which I'm
Speaker 1: trying to writ my head around, is that you know,
Speaker 1: good is bad and bad is good. You know, normally
Speaker 1: we would like to see what most of us would
Speaker 1: like to see, good economic data and you know, positive
Speaker 1: news in the economy, but that of course would mean
Speaker 1: higher for longer I guess, so you know, we would
Speaker 1: be okay with seeing some weaker j old status some
Speaker 1: weaker payroll growth, you know, some weaker personal spending later
Speaker 1: on this morning, and that will be I think good
Speaker 1: news for the economy and good news for for the Fed.
Speaker 1: All Right, thank you so much Jennifer for taking the
Speaker 1: time with us this morning breaking it all down. Senior
Speaker 1: economists Jennifer Lee at BEMO Capital Markets. Nathan, Thanks Amy.
Speaker 1: We're coming up to five three on Wall Street. It's
Speaker 1: sign now for the Bloomberg Law Report. Let's get to
Speaker 1: the legal stories we're watching this morning. Here's Bloomberg's Jeff Balinger.
Speaker 1: The Government Accountability Office says the Internal Revenue Service should
Speaker 1: strengthen its oversight with paid tax preparers. A federal circuit
Speaker 1: rule that withholding wages from federal workers who are required
Speaker 1: to work ring a government shutdown does not violate timely
Speaker 1: pay laws. The Silicon Valley law firm Cooley says it
Speaker 1: must adjust to slowing demand for services. The firm has
Speaker 1: fired one hundred fifty attorneys and staff. Bloomberg Law everything
Speaker 1: you need on one legal research platform, guidance analysis, and
Speaker 1: Bloomberg market Intelligence. Find out more at Bloomberg Law dot com.
Speaker 1: Now another legal story we're watching, the public's opinion of
Speaker 1: the Supreme Court reached historic lows after the decision to
Speaker 1: reverse the constitutional right to abortion in the Dobbs case,
Speaker 1: but a new Marquette Law School poll shows a slight
Speaker 1: rebound in public approval of the High Court. This comes
Speaker 1: ahead of a term that could be just as controversial
Speaker 1: as the last, with decisions expected on affirmative action, voting rights,
Speaker 1: and gay rights. For more. Bloomberg's June Grosso speaks to
Speaker 1: constitutional law professor Michael Dorff of Cornell Law School. A
Speaker 1: new Market Law School poll finds only of adults approve
Speaker 1: of the job the Supreme Court is doing, while fifty disapprove.
Speaker 1: But those approval numbers are actually up a bit from September,
Speaker 1: where approved and six disapproved. What's happened between September and
Speaker 1: now to lead to a bit more approval of the court.
Speaker 1: Public opinion polling about the Supreme Court is notoriously weird
Speaker 1: because people don't have a lot of information about the
Speaker 1: Supreme Court. They often don't really understand the meaning of cases.
Speaker 1: If I had to guess, I would say that the
Speaker 1: decline in disapproval of the Supreme Court reflects the fact
Speaker 1: that more time has elapsed since the Dabs opinion, which
Speaker 1: was the last very salient mention of the Supreme Court.
Speaker 1: It's also possible that it reflects us about affirmative action.
Speaker 1: Affirmative action has been unpopular for a couple of decades now,
Speaker 1: so that even blue states like Michigan in California a
Speaker 1: number of years ago forbade it by ballot initiative. So
Speaker 1: insofar as there was news reporting that the Supreme Court
Speaker 1: is considering making affirmative action unlawful, I could see how
Speaker 1: that would lead to a slight uptick in approval rating
Speaker 1: for the Court. There's a great fear since the Jobs
Speaker 1: decision that the super conservative majority on this Court is
Speaker 1: going to lay waste to precedent in cases this term
Speaker 1: from you know, affirmative action, the Voting Rights Act, giving
Speaker 1: state legislatures unprecedented power to up end federal elections. Do
Speaker 1: you think that people are right to be concerned? Yes,
Speaker 1: in each of the three cases you just identified, I
Speaker 1: think that it is not only possible but likely that
Speaker 1: they will reach very conservative results. I think they will
Speaker 1: forbid all or almost all race based affirmative action. I
Speaker 1: think they will further constrain the Voting Rights Act. And
Speaker 1: I have somewhat less confident, and I therefore I'm a
Speaker 1: little bit more hopeful with respect to what they're going
Speaker 1: to do in more against Harper, the case involving the
Speaker 1: so called independent date legislature theory. But I know that
Speaker 1: based on what various of the conservative justices have said
Speaker 1: in other contexts, that they're at least sympathetic to some
Speaker 1: version of this idea that a state legislature can decide
Speaker 1: for itself how to allocate its electors, and a presidential
Speaker 1: election or as in this particular case is involved, gets
Speaker 1: the final say over the drawing of district lines, notwithstanding
Speaker 1: the intervention of a state Supreme court based on the
Speaker 1: state constitution. That's Professor Michael Dorff of Cornell Law School
Speaker 1: speaking with Bloomberg's June Groszel. You can catch more of
Speaker 1: that interview, plus analysis of the latest legal news by
Speaker 1: subscribing to the Bloomberg Law podcast or downloading the show
Speaker 1: at Bloomberg dot com. Slash podcasts, and attorneys can find
Speaker 1: exceptional legal research and business development tools at Bloomberg Law
Speaker 1: dot com and on the Bloomberg terminal at b law.
Speaker 1: Go Futures Pointing a little bit lower now, SMP futures
Speaker 1: are down four points, STAFLE futures down sixty four NASDAC
Speaker 1: futures are lower by thirty one points. The tenure treasury
Speaker 1: is down one thirty second. The yield three point six
Speaker 1: one percent. Yield on the two year four point three
Speaker 1: two percent. Nimex crudes up six tenths per cent, or
Speaker 1: fifty one cents at eighty one dollars five cents of barrel.
Speaker 1: Comax gold up one point seven percent, up thirty dollars
Speaker 1: fifty cents announcing gold. The euro one point zero four
Speaker 1: to zero against the dollar. The yen is at one
Speaker 1: thirty six point four six. Bloomberg day break continues. This
Speaker 1: is Bloomberg